AECOM completes sale of its civil construction business

AECOM, Los Angeles, a premier infrastructure consulting firm, has announced the successful completion of its sale of the civil construction business to affiliates of Oroco Capital, a strategic infrastructure investor. Including the sale of the power construction business in October, the company has now exited substantially all of its self-perform, at-risk construction businesses.

AECOM also announced that as of today it has executed nearly $150 million of share repurchases since its fourth quarter fiscal 2020 earnings announcement on November 16, 2020. Since September 2020, the company has executed more than $600 million of share repurchases. As a result, diluted shares outstanding has been reduced by approximately 8 percent.

The company has approximately $850 million of repurchase capacity remaining under its existing $1 billion board authorization.

"The completion of the sale of the civil construction business marks a significant milestone in the transformation of our business profile to best position AECOM for long-term success," said Troy Rudd, AECOM’s CEO. "As global leaders in the infrastructure, environment and water markets, we are poised to capitalize on our clients’ increasing demand for our consulting services to transform cities, achieve bold ESG ambitions and better the communities we serve. With the progress we have made on our key strategic priorities, our advancement of our ‘Think and Act Globally’ strategy to drive growth and the momentum in the business, we remain committed to repurchasing shares in order to fully capitalize on the value creation opportunity."