Jacobs to take a share of Aker

Jacobs has acquired a portion of Aker Solutions process and construction (P and C) operations for USD 675M.

Oyvind Eriksen, executive chairman of Aker Solutions, said, "In August, Aker Solutions announced the decision to separate the P and C business area from the Aker Solutions Group. Since then, we have explored alternative methods of separation, including an IPO and public listing. As the alternatives matured over the recent weeks, a sale to Jacobs evolved as the preferred solution industrially as well as financially.”

The executive vice president of Aker Solutions P and C, Gary Mandel will stay with the business under new ownership at Jacobs.

The deal is expected to close in the second quarter of 2011.