AMEC signs $3.3B deal to buy Foster Wheeler

|By:, SA News Editor

AMEC (AMCBF) signs a definitive agreement to acquire Foster Wheeler (FWLT) in a cash-and-shares deal valued at ~$3.3B, confirming last month's announcement of a provisional agreement between the parties.

AMEC says FWLT's capabilities in the refining and processing of oil and gas will complement its business in exploration and production, and the deal will more than double AMEC's revenue in high-growth regions such as Latin America.

The news came as AMEC reported a 3% increase in FY 2013 EBITDA of £343M ($566M).