Tetra Tech finalizes acquisition of Coffey International
Last October, Tetra Tech, an international provider of construction management, consulting, program management, technical and engineering services, sought to acquire Coffey International, an Australia-based consulting firm. Now, the Zacks Equity Research team at Zacks Investment Research reports that the company announced that it is unhindered by any further stipulations necessary for finalizing the acquisition.
What this means is that Tetra Tech and Coffey International agreed to a 100 percent buyout of all of Coffey's shares. Once Tetra received 93 percent of those shares, it can automatically acquire all of the outstanding shares. Along with this, a new Coffey board of directors replaced the previous board that recently resigned.
In British Columbia, the two companies had worked together on geotechnical projects as the companies' goals, mission and industry are incredibly compatible. Through this deal, the combined company will provide environmental services and water for infrastructure growth in Australia.
"We are pleased to welcome Coffey's staff to Tetra Tech," Dan Batrack, Tetra Tech chairman and CEO, explained in a company press release. "The addition of Coffey propels us to a global leadership position in international development and provides us a platform for future growth in the Asia-Pacific region. This acquisition advances our strategy to be the premier worldwide provider of consulting and engineering services in each of the markets we serve."
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