Figure
WorleyParsons announces today that it has entered into an agreement to purchase Polestar Applied Technology, Inc. in a move that will expand WorleyParsons’ nuclear power capability and resources.
The transaction is subject to U.S. regulatory approval and is expected to close in November 2007. The acquisition is valued at approximately US$11 million, representing an average 2006 - 2007 EBIT multiple of 5.9. While not material in a financial sense, this acquisition is considered to be of strategic significance as it extends the Company’s capabilities in the nuclear industry.
Founded in 1992, with offices in the USA and the UK, Polestar provides technical planning, engineering, nuclear safety and risk analysis, and related services to commercial and government clients in the USA and abroad. Polestar’s services cover all facility life-cycle phases including management and operations support and planning, security planning and testing, decommissioning planning, spent nuclear fuel storage and handling, financial and economic analyses, and communications services.
“The acquisition of Polestar increases WorleyParsons’ capability in the nuclear consulting and analysis segment of the international nuclear industry. Polestar provides recognized technology know-how that will enhance our already considerable nuclear capability and increase our breadth of services,” said John Grill, WorleyParsons’ Chief Executive Officer.