Jacobs Engineering’s acquisition of Aker Solutions’ core process and construction businesses for $675 million signals adjustments in European and US transactions.
Firstly, the price was determined on a completion accounts-basis rather than a locked box mechanism. Until recently the latter has prevailed, but the Aker/Jacobs deal reflects a wider shift towards the purchaser-friendly mechanism.
Secondly, Aker ran the deal on a dual track-basis, deciding against an IPO in the weeks before signing. Dual tracks returned last year...