NV5 Global Inc NVEE said it has acquired ASG Engineering Consultants (ASG), a provider of structural engineering, permitting, and compliance services in Dubai, United Arab Emirates (UAE).
ASG’s team of engineers, BIM technicians, and technical professionals deliver engineering design and oversight services for education, hospitality, stadium, and commercial structures throughout the Middle East, particularly in Saudi Arabia and the UAE.
The acquisition will serve as a boost to NV5’s additional organic growth, bringing its total number of technical professionals in the Middle East to more than 150.
The acquisition was made with a combination of cash and stock and will be immediately accretive to NV5’s earnings. The financial details of the transaction were not disclosed.
“ASG’s leadership team and technical experts expand our capabilities and our ability to contract work in the Middle East, and ASG’s expertise will be extended to our Asia Pacific operations to create competitive advantages across all of our international operations,” said Dickerson Wright, Executive Chairman of NV5.
Furthermore, ASG’s Architect of Record certification will allow NV5 to become the prime consultant on design projects that would have been restricted in the past.
NV5 held $44.8 million in cash and equivalents as of December 30, 2023.
Price Action: NVEE shares traded higher by 0.10% at $94.64 on the last check Wednesday.
Image sourced from Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
