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Foster Wheeler, in Clinton, acquired by UK oil firm AMEC for $3.1B

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United Kingdon-based AMEC announced Monday it will acquire fellow oil and gas engineering firm Foster Wheeler AG, whose corporate headquarters is located in Clinton, for $3.1 billion.

The pending deal, reported Monday by Reuters, will see investors in the acquired company receive $16 per share as well as nine tenths of a share in AMEC.

Foster Wheeler is being advised by Goldman, Sachs & Co. and J.P. Morgan Securities LLC, as financial advisors, and Freshfields Bruckhaus Deringer LLP as legal advisors, in connection with the review of strategic alternatives and its discussions with AMEC.

The agreement includes assurances by Foster Wheeler it will not seek other proposals before the end of February, that company said in a statement.

As for Foster Wheeler's New Jersey employees, the Star-Ledger reported at NJ.com Tuesday morning that company spokesperson Scott Lamb said "it's business as usual," with AMEC viewing the Global Power Group, based in Hampton, as a "desirable ongoing business."

Morristown-based Covanta bought a $48 million waste processing facility from a Foster Wheeler Subsidiary in August 2013.

Write to the Editorial Department at editorial@njbiz.com

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