Stantec finalizes divestiture of MWH Constructors
The sale to funds managed by Oaktree Capital Management was for $103 million, with net cash proceeds estimated to be $46 million.
Stantec has finalized the divestiture of its construction services division, MWH Constructors, to funds managed by Oaktree Capital Management, L.P. (“Oaktree”) for $103 million, net cash proceeds are estimated to be $46 million after transaction costs and working capital adjustments.
Stantec retains responsibility for closing out one remaining waste-to-energy project in the UK and will retain certain pension obligations.
The sale of MWH Constructors, announced in October, is inclusive of MWH Constructors’ UK and U.S. divisions and Slayden Constructors, Inc.
MWH Constructors joined Stantec through the MWH acquisition in 2016.