VIENNA (dpa-AFX) - Fluor Corp. (FLR) and Stork announced that Fluor has signed an agreement with UK-based private equity firm Arle Capital Partners to acquire 100 percent of Stork Holding B.V. for an investment of $755 million. Upon closing of the acquisition, Fluor will begin combining its Operations & Maintenance organization with Stork. The acquisition is expected to be accretive to Fluor's earnings per share in 2016.
Stork is a global provider of maintenance, modification and asset integrity services associated with large existing industrial facilities in the oil and gas, chemicals, petrochemicals, industrial and power markets. It has operations in Continental Europe, United Kingdom, the Middle East, Asia Pacific and the Americas.
The combined group, branded Stork, will be headquartered in the Netherlands. Arnold Steenbakker, Stork CEO, will lead the combined group. The management team will be formed by Stork's existing management combined with the managers of Fluor's Operations & Maintenance business.
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