AEA completes sales negotiations with rival environmental consultancy
UK firm buys Eastern Research Group for $83m
UK environmental consultancy firm AEA has successfully completed sales negotiations with a rival US firm.
AEA has purchased Eastern Research Group (ERG) for $83 million (£52 million) in cash and shares as it looks to expand into the US market.
The British company will raise funds for the deal via a shares issue, which is estimated to generate around $88 million.
Andrew McCree, chief executive of AEA, claimed the move is "transformational moment" for the firm as it gains new capabilities in areas such as environmental science.
He said: "We have shown with PPC [Project Performance Corporation] that the strategy of transferring our European public sector expertise to the US is succeeding and now, with ERG, we will for the first time derive the majority of our revenue from the US."
AEA is currently advising officials at the Twickenham rugby stadium on how they can reduce their carbon footprint.