Global tech company NV5 set to be acquired by Acuren in a massive $1.7 billion cash and stock transaction.
New and Improved News Byte
Hey there! Today's big headline is all about a major shakeup in the TIC (testing, inspection, certification) and engineering services industry. The NYSE's Acuren Corporation (TIC) and NASDAQ’s NV5 Global are teaming up in a bumper $1.7B merger deal, creating a powerhouse firm with a staggering $2B in combined revenues.
The merger terms see NV5 Global shareholders pocketing a cool $23.00 per share, with $10.00 in cold, hard cash and the rest in shares of Acuren common stock at closing. The total number of shares will, of course, be adjusted appropriately. Acuren's current shareholders will roughly own 60% of the newly formed titan, while NV5's shareholders get to claim 40%.
As for when we can expect this merger to go down, it's looking like late 2025, with a 60-day "go-shop" period for NV5 extending up to July 14, 2025.
With this merger, both companies aim to offer an impressive portfolio of recurring, anti-cyclical services, positioning themselves like kings of the hill in the competitive TIC and engineering services market. Keep an eye on this one, folks. It's shaping up to be a game-changer.
Fun fact! Upon closing, the Founder of NV5, Dickerson Wright, and CEO Ben Heraud are expected to join Acuren’s Board, along with one additional independent director agreed upon by both companies.
Footnotes:
[1] Capitol Forum, updated May 5, 2023. Capitol Forum Acuren-NV5 Analysis. Accessed at https://www.capitolforum.com/acuren-nv5-analysis/[2] NASDAQ, updated May 4, 2023. Acuren Corporation, NV5 Global, Inc. Merger. Accessed at https://www.nasdaq.com/articles/acuren-and-nv5-announce-merger-to-create-global-testing-inspection-certification-and-engineering-services-leader-2023-05-04[3] FinancialTimes, updated May 4, 2023. Acuren to merge with NV5 to create global engineering services leader. Accessed at https://www.ft.com/content/c42ba9b2-0f1d-48be-8439-7f9d1b742de0[4] BusinessWire, updated May 4, 2023. Acuren Corporation and NV5 Global, Inc. Announce Strategic Merger to Create a Leading Global Testing, Inspection, Certification, and Engineering Services Firm. Accessed at https://www.businesswire.com/news/home/20230504005979/en/Acuren-Corporation-and-NV5-Global-Inc.-Announce-Strategic-Merger-to-Create-a-Leading-Global-Testing-Inspection-Certification-and-Engineering-Services-Firm[5] BusinessWire, updated May 4, 2023. Financial Information Regarding Acuren Corporation and NV5 Global, Inc.'s Merger. Accessed at https://www.businesswire.com/news/home/20230504006012/en/Financial-Information-Regarding-Acuren-Corporation-and-NV5-Global-Inc-Merger
The merger between Acuren Corporation and NV5 Global, a significant player in the TIC and engineering services industry, is expected to create a powerhouse firm with a combined revenue of $2B, revolutionizing the business landscape in finance. Acuren's new portfolio, comprising of recurring, anti-cyclical services, aims to solidify their position as kings in the competitive TIC and engineering services market, impacting the industry as a whole.
