Japanese consultant to buy Waterman

Aaron Morby 12 months ago
Share

Consultant Waterman Group has accepted a £43m takeover offer from Japanese consulting engineer CTI Engineering.

The 140p a share cash offer, representing an 85% premium on Waterman’s share price, has been agreed by both boards and will now go to shareholders for approval.

CTI is the oldest of Japan’s top three ranked major consulting engineering companies.

The Japanese group employs over 2,000 staff and turned over nearly £300m last year making a £10m profit.

Waterman Group employs 1,225 staff generating £91m revenue and a profit of £3.6m.


Michael Baker, Chairman of Waterman, said: “The Waterman board believes that the CTI proposal provides considerable opportunities for our people and enhances our capabilities and expertise in several key markets, including highways and flood defence.

“In particular, the proposal for Waterman to continue to operate as an independent business within the CTI Group is compelling for both our clients and our people.”

Kazuo Murata, president of CTI, said:  “Waterman should expand our technical capacity to serve clients in the property and building construction sectors internationally.

“Waterman’s knowledge and experience of working with both private and public sector clients in English speaking markets should provide an excellent strategic fit with our group of companies as we seek to take advantage of the opportunities that exist beyond our domestic market.

“Our investment in Waterman is a clear sign of our belief in the United Kingdom as a place to do business and its strategic importance in serving international markets.”

He added: “We are also excited about the possibility to build upon Waterman’s foothold in the Australian market and, through its office in Ireland, within Europe.

“We intend to support Waterman’s management team so that they can operate Waterman collaboratively within CTI’s group of companies.

“This will be CTI’s first acquisition outside Japan and is part of the implementation of our ten year strategic plan, known as Clavis 2025, to expand our client base and our geographical markets.”

Japanese companies have invested more than £60bn in the UK with nearly 1,000 Japanese companies based here expanding into advanced manufacturing, infrastructure, financial services, property investment and R&D.

This will open up additional opportunities for Waterman.

Latest news

Specialist trade bodies petition No 10 for payment reform

Unprecedented coalition of trade associations urge Prime Minister to act
3 hours ago

Contractors fold before £2m site death fines

Judge hands out huge fines but firms are no longer in business
20 hours ago

Kier lands lead role in £19.4m Glasgow theatre revamp

Work to start in September revamping the Citizens Theatre
5 hours ago

CMS wins £10m glazing deal on BAM’s Atlantic Square job

Major package win on £100m scheme
11 hours ago

Green light for £350m Leeds South Bank scheme

Preparation works can now start with construction planned to start next year
1 day ago

Mace go-ahead for London £150m Hanover Square scheme

Great Portland Estates JV secures pre-let to start building work on Mayfair scheme
19 hours ago

Growth to rebound to 2.7% next year after flat 2018

30% fall in office activity over two years offset by surge in infrastructure
20 hours ago

Crystal Palace to start £100m main stand next summer

Iconic main stand plan to go to London mayor to rubber stamp
1 day ago

Builder murdered by colleague on central London site

Murder hunt under way after construction worker bludgeoned by colleague on Hatton Garden roof
4 days ago

Barratt to pay for post Grenfell cladding upgrade on Croydon block

Government urges more house builders to pay for safety work rather than leaseholders
4 days ago

Boost your online presence – join the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
2 weeks ago

Carillion’s Midlands Pf2 hospital to cost extra £125m

Skanska confirmed for Midlands Metropolitan Hospital as trust waits for Government go-ahead
4 days ago

BAM Nuttall fined £900,000 after painter tears ligament

Court hears how worker plunged through station waiting room roof
5 days ago

Builders told to wait over a year for brick orders

Smaller builders warn of rising materials prices and lead times
4 days ago

14-storey Milton Keynes ‘sun hotel’ approved

Hotel La Tour gets nod for tallest building in Milton Keynes city centre
4 days ago

Hill bags £41m Homes England direct commission job

Public land direct commissioning scheme entails building 160 homes
4 days ago

KBR buys Carillion’s Aspire Defence business

Deal secures workforce and future of Project Allenby Connaught contract
5 days ago

New Seddon built Coronation Street set makes debut tonight

Contractor has been working on Weatherfield extension since last summer
4 days ago

Betting Spy: Bookies keep under-estimating Burnley

The Clarets are a big price at 5/2 to beat sinking Stoke
4 days ago

London roads upkeep JV loses court battle with TfL

High Court backs TfL in rates row with Colas, VolkerHighways and AECOM
5 days ago

Keltbray looks overseas for new rail work

Contractor targets Canadian market as UK rail electrification work dries-up
5 days ago

Designs revealed for £100m Glasgow office complex

Demolition work to start later this year at city-centre site
5 days ago

Work to start in June on £50m Aberdeen FC stadium

Football academy will be built before new 20,000 sq ft stadium
5 days ago

Plans go in for new hotel at Sheffield Velocity Tower

Seven-storey Ibis planned to complete city centre development
5 days ago

More than 500 towers planned for London

Slight slowdown in construction starts and completions
5 days ago

Spie to sell overhead power line division to Keltbray

Spie to quit sector just three years after buying Leven Energy Services
6 days ago

Over 100 MPs back ring-fencing of retentions

MPs supporting Aldous Bill retention reform jump 10-fold in wake of Carillion
6 days ago

Brick makers confident of meeting rising demand

Manufacturers pledge to continue boosting capacity as reports of site shortages continue
6 days ago

Hammerson pulls out of Intu takeover

High Street retail wobble scuppers shopping centre developer merger plan
6 days ago

United Living wants to meet new suppliers and subcontractors

Drop-in event to outline new work opportunities in Essex: Register now
6 days ago

Contractor services