Aegion Corp., a leading provider of water, energy and industrial pipeline infrastructure construction and maintenance, has agreed to a purchase by affiliates of private equity firm New Mountain Capital LLC, the firms said Feb. 16.
The deal is valued at about $963 million.
Under terms of the agreement, set to close in the second quarter and subject to a stockholder vote, New Mountain would acquire all outstanding shares of Aegion common stock for $26.00 per share in cash. That is a 21% premium over the contractor’s closing stock price of $21.45 on Feb.12, the firms said.
Aegion, based in Chesterfield, Mo., ranks at No. 82 on ENR’s Top 400 Contractors list, reporting $1.12 billion in 2019 revenue, of which $267 million was outside the US. About 53% is in industrial and energy sector work, and 45% comes from water and wastewater markets. Aegion is No. 30 on ENR’s Top 200 Environmental Firms ranking.
By Debra K. Rubin
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.