American engineer Aecom has announced the completion of the sale of its management services business to two private equity firms, American Securities and Lindsay Goldberg, for $2.4bn.
The spin-off, which was announced in October last year, is part of a plan to turn the company into a "higher-returning and lower-risk" professional services business.
American Securities said in a press statement that its purchase would be rebranded as "Amentum".
John Vollmer, the new company’s chief executive, said: "Amentum builds upon a 116-year heritage of safety, operational excellence and delivering on our promises and honoring our commitments.
"We are excited to continue this legacy as an independent company and continue to deliver outstanding performance for our customers’ critical missions."
Michael Burke, Aecom’s chief executive, said: "We are pleased to complete this value-enhancing transaction, which further hones our focus on our professional services business and which we expect will enable us to accelerate debt reduction and share repurchases.
"On behalf of our company, I thank the management services business and its talented employees for their tremendous contributions, and I am confident in their ongoing success under the stewardship of Lindsay Goldberg and American Securities."
Image: Amentum’s logo