U.K.'s Amec agrees to buy Foster Wheeler for $3.1B

|About: Amec Foster Wheeler Plc (AMCBF)|By:, SA News Editor

U.K. engineering company Amec (AMCBF) has provisionally agreed to acquire Swiss peer Foster Wheeler (FWLT) for £1.9B ($3.13B) in cash and stock.

The deal values the latter at $32 a share, not far above the company's close of $31.46 on Friday. The firm's shareholders would receive 23% in Amec, which would seek a U.S. listing.

The transaction would  position Amec "to serve across the whole oil and gas value chain," the company said, "adding mid and downstream capabilities to Amec's existing upstream focus and bringing new customer relationships." (PR)