Foster Wheeler AG (Zug, Switzerland; www.fwc.com) has announced that an indirect wholly owned subsidiary has entered into a merger implementation agreement with MDM Engineering Group Ltd. to acquire all of the ordinary shares and options in issue of MDM Engineering in a cash transaction valued at approximately $109 million. The Transaction is subject to MDM Engineering shareholder approval and other closing conditions.
Based in South Africa, MDM Engineering Group Limited is a minerals process and project management company focused on the mining industry. Founded in 2006, the company provides a wide range of services from preliminary and final feasibility studies, through to plant design, construction and commissioning. The company has approximately 280 employees.