Power and infrastructure engineering and services firm Jacobs is acquiring PA Consulting to form a partnership focused on next-gen technologies in tackling climate change and other coming societal challenges.
Dallas-based Jacobs is involved the engineering, procurement and construction (EPC) aspects of power industry projects worldwide. PA Consulting offers services to many utilities and produces an annual ranking of electricity provider reliability.
Together they will team up to offer an end-to-end solution on projects. The deal is valued at close to $2.4 billion, with Jacobs holding a 65-percent stake in the combined company.
“We are on the cusp of the next digital revolution as advances across 5G-driven compute power, robotics, autonomous technology, machine learning automation and geospatial technology converge to provide solutions to many of the world’s most complex challenges, including disruption to traditional business models,” said Jacobs Chair and CEO Steve Demetriou. “Our partnership with PA forms a unique offering in the market that combines strategic front-end consulting and deep domain knowledge across key sectors with next generation science and technology expertise.”
PA Consulting will hold the remainder of ownership after the exit of existing majority stakeholder The Carlyle Group. The Jacobs-PA combination is structured to provide platforms for tackling decarbonization, urbanization and healthcare challenges, according to the release.
CEO of PA Consulting Ken Toombs said, “Ëœ’We see Jacobs as the ideal partner for PA, leveraging their client relationship networks and global platform to position us for the next phase of growth. Their purpose to create a connected sustainable world and commitment to an inclusive future for all aligns with our own purpose – Bringing Ingenuity to Life – and our commitment to innovate towards a positive human future. We look forward to continuing to deliver ingenious solutions for our clients, supported by Jacobs’ investment and our partnership.”