Surbana Jurong Private Limited, based in Singapore, has acquired Australia’s SMEC Holdings Limited in a deal valued at about $400 million.
Surbana Jurong is an urban development consulting company and SMEC consults on major infrastructure projects, including hydropower.
The new, combined company will have a global workforce of 9,800 employees in more than 95 offices across 40 countries in Asia, Australia, the Middle East, Africa and the Americas, according to a press release.
“A large part of Asia and other emerging countries have to catch up with their deficit in urbanization and infrastructure development in order to grow and support their economies,” says Liew Mun Leong, chairman of Surbana Jurong. “Surbana Jurong and SMEC have successfully completed many major showcase national development projects throughout Singapore and Australia. Besides their complementary strengths, both companies have very similar corporate cultures and core values. It will be timely and opportunistic for the synergetic merger of these two very competent organisations to share their expertise and capture the huge market opportunities.”
SMEC was formed in 1949 to undertake the Snowy Mountain Hydroelectric Scheme, a major integrated water and hydroelectric power project in New South Wales, Australia. It took 25 years to complete, included 16 major dams and eight power stations, and was recognized by the American Society of Civil Engineers as one of the seven civil engineering wonders of the modern world.
“We are delighted about this partnership with Surbana Jurong, an Asian powerhouse, who will further accelerate and support SMEC’s growth ambitions,” says Andy Goodwin, chief executive officer and managing director of SMEC.
Surbana Jurong “played a pivotal role in nation-building and shaping Singapore's public township and industrial landscape, before going on to achieve significant international success,” according to a press release.
In May, SMEC received a contract to perform a feasibility study for the 12-MW Baime small hydro project in Papua New Guinea.