Foster Wheeler & MDM Engineering Merged
Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”) on terms consistent with the merger implementation agreement entered into on March 12, 2014.
MDM will become part of the rapidly growing Minerals and Metals group within Foster Wheeler.
“This acquisition is part of our strategy to continue to enhance our global capability and capacity in the minerals and metals market. It provides a platform for growth in Africa, one of the fastest growing mining regions in the world, and in other regions, and we look forward to working with the MDM team to achieve our growth objectives,” said J. Kent Masters, Chief Executive Officer, Foster Wheeler AG.
MDM is a South African based provider of services from feasibility studies through to the engineering, procurement and construction phase.
Barclays acted as exclusive financial advisor and Latham and Watkins LLP and Conyers, Dill & Pearman acted as legal advisors to Foster Wheeler. GMP Securities acted as exclusive financial advisor and Memery Crystal LLP and Carey Olsen acted as legal advisors to MDM.