Tishman Construction bought for $245M

From left: Tishman, One Bryant Park and Epcot

Los Angeles-based Aecom Technology has acquired Tishman Construction in
a $245 million deal, the companies announced today. New York City-based
Tishman, one of the largest construction companies in the country, has
overseen numerous high-profile projects including the original World
Trade Center, One Bryant Park — the first LEED-Platinum skyscraper in
the world — and Disney World’s Epcot Center.

Daniel Tishman will remain chairman and CEO of the 900-employee
construction company, while also assuming a role as a vice chairman and
board member with publicly traded Aecom.

In a live teleconference this evening, John Dionsio, president and CEO
of Aecom, which currently has around 45,000 employees worldwide and has
jobs in more than 100 countries, said that the company’s acquisition
reflected a desire to engage in different markets.

“The addition of Tishman to the Aecom enterprise reflects our
commitment to execute on our stated strategy of growth and
diversification,” Dionisio said, adding that he plans to utilize the
company in its global projects. “We’re looking to advance Tishman in
each of the markets that we’re in.”

Both executives emphasized that there would be no disruption to client services as a result of the acquisition.

The two companies have partnered before — recently working together on the new Yankee Stadium.

“We are expanding our portfolio of global expertise and enhancing our
ability to meet the growing customer demand for turnkey solutions,”
Dionsio said.

Aecom said it plans to “maintain the Tishman name” because of its recognizability.

No layoffs are planned due to the acquisition, Dionsio said.

The transaction was made using a combination of cash and common stock.