AECOM Technology Corp. agreed to acquire Davis Langdon, a global cost and project management consultancy firm, in a transaction valued at $324 million.

Davis Langdon provides cost and project management services, and specialist consultancy services, to clients around the world, with a strong presence in Africa, Australia and New Zealand, Europe, the Middle East and the U.S.

Davis Langdon's 2,800 employees serve public- and private-sector clients in a variety of markets. Its counterpart in Asia, Davis Langdon & Seah, will remain independent, but will continue to work with AECOM's Davis Langdon operations under an existing collaboration agreement.

Under the terms of the agreement, Davis Langdon is expected to receive approximately 80 percent of the consideration in cash and 20 percent in AECOM common stock. The transaction is expected to close in October of 2010. The acquisition has been approved by Davis Langdon shareholders and partners, and is subject to customary closing conditions, including necessary regulatory and third party approvals.

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