Aecom Jumps as Conference Cancellation Sparks Renewed Deal Speculation

Articles From: The Fly
Website: The Fly

Baird sees prior report on potential talks between Aecom and WSP as credible

Shares of Aecom (ACM) are on the rise on Wednesday following a report saying the company has canceled from conferences being hosted by Barclays and Citi, which Baird analyst Andrew Wittman believes is being seen as a positive indication that Aecom might be in later-stage deal negotiations. According to prior reports, Aecom was approached by a Canadian competitor regarding a potential transaction.


After Bloomberg reported earlier on Wednesday that Aecom has canceled from conferences being hosted by Barclays and Citi, Baird analyst Andrew Wittmann said it has been confirmed that Aecom canceled from the Citi conference and will not be in attendance at the Barclays event.

Prior reports have noted that Aecom has been approached by Canadian competitor WSP regarding a transaction and Bloomberg’s report is being seen as a positive indication that the company might be in later-stage negotiations for a deal, he contended. The analyst believes the reports on potential talks between both companies are credible, the odds of a transaction occurring are high and a $60-plus valuation seems likely should a deal consummate. Wittmann kept an Outperform rating and $57 price target on Aecom shares.


Canadian engineering services company WSP has approached rival Aecom over a potential deal, Bloomberg’s Ed Hammond reported last month, citing people familiar with the matter. There is no guarantee that the approach will result in a deal, sources said.

At time of publication, Aecom had not responded to The Fly’s request for comment.


In afternoon trading, shares of Aecom have gained about 8% to $50.96.

Originally Posted on February 19, 2020 – Aecom Jumps as Conference Cancellation Sparks Renewed Deal Speculation

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