Despite the stock market melt-down, ER&D vendors have continued to make tuck-in acquisitions in the past two weeks. The acquired firms were of small size and not likely to impact the net debt of their new owners. However, should the Covid-19-China-US trade-war-Stock Markets meltdown-oil price crisis degenerate into a recession, we expect suck tuck-in acquisitions to become scarce.
Jacobs Engineering, a US infrastructure giant, is to acquire the nuclear engineering business of (another infrastructure giant in the UK) Wood. Jacobs is paying an enterprise value of USD 300m.
Assystem’s 2018 earnings were in line with its guidance. The company already had communicated its revenue performance, with a disappointing H1 (+0.8% at CC/CS) and a very good H2 (+13.2%).
ÅF has acquired Facilia, a Swedish firm specialized in assessing safety for nuclear waste and nuclear plant decommissioning. Facilia is a small firm with 14 FTEs, and revenues of SEK 18.5m (USD 2m). Its client base includes tier-one Swedish