Under the terms of the merger agreement, GISI will commence an all-cash tender offer to acquire 100% of the issued and outstanding shares of Hill for US$2.85 (£2.36) in cash per share, representing a premium of 62.8% to Hill’s closing share price on August 16, 2022.
The transaction values Hill International share capital at US$173m. Upon completion of the transaction, Hill’s shares will no longer trade on the New York Stock Exchange.
Hill International CEO Raouf Ghali said: “Since our founding in 1976, Hill has grown into an industry-leading programme, project, and construction management company. By joining the GISI family of companies, Hill will be well-positioned to continue to take advantage of the opportunities the industry offers while concurrently enhancing the quality of our client services thanks to GISI’s focus on long-term success.”
He added: “We are confident this decision aligns with Hill’s mission and brings value to our clients, our professionals, and our investors.”
GISI president and chief executive Rick Newman said: “Hill International has been a leader in the program, project, and construction management space for nearly 50 years, delivering infrastructure projects from New York City to Abu Dhabi and everywhere in between."
Hill International currently employs more than 3,200 people in more than 100 offices worldwide. Over the past 50 years it has worked on many landmark projects around the world, including the Channel Tunnel, the Petronas Twin Towers in Kuala Lumpur, the Athens Metro and the Palm Jumeirah in Dubai.
GISI claims to be America’s largest privately owned construction management firm in the commercial building, industrial and healthcare markets, and a leading project manager in the environmental and public infrastructure sectors.
It employs more than 8,500 people and generates annual revenue in the region of US$11bn.
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