Companies

GISI pays 19% more for Hill acquisition

Last year Hill International won a contract to manage the Marina Towers project in Egypt’s New Alamein City, pictured (Courtesy of Hill International)
Global Infrastructure Solutions (GISI) has finalised its acquisition of Hill International at a higher price than first agreed after an unsolicited third-party proposal.

The two companies’ boards initially approved GISI paying $2.85 per Hill share on 16 August 2022, but the rival buyer pushed the per-share price to $3.40, some 19% higher, in a deal that has now cleared final regulatory reviews.

Hill shareholders representing 72.9% of outstanding common shares approved the deal on 2 November.

Hill keeps its brand as it joins GISI’s Engineering & Consulting Services division along with companies The LiRo Group, GEI Consultants, J. Roger Preston Limited (JRP), and Asia Infrastructure Solutions.

“The completion of our merger with Hill International is GISI’s fifth strategic merger or acquisition during 2022,” said Rick Newman, GISI President and CEO. “Our employee-ownership model differentiates us and is an important feature of our growth, recruitment, and professional development initiatives.”

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