Aecom shares jump premarket on news to sell management services business for $2.405 billion
Shares of infrastructure company Aecom rose 7.5% in premarket trade Monday, after it said it’s selling its management services business to units of American Securities LLC and Lindsay Goldberg for $2.405 billion. “With this transaction and the ongoing execution of strategic actions to de-risk the business and increase margins, AECOM will be a lower-risk, higher-returning professional services firm focused on its industry-leading design, planning, architecture, engineering, program management and construction management capabilities,”the Los Angeles-based company said in a statement. The company is now expecting fiscal adjusted per-share earnings to come in at around the mid-point of its guidance range at about $2.75. It expects to report fourth-quarter and full-year earnings on Nov. 12. Shares have gained 40% in 2019, while the S&P 500 has gained 18%.
Source : MTV
