ICF International (NASDAQ:ICFI), a leading provider of consulting services and technology solutions to government and commercial clients, announced today that it is making a cash offer to acquire all of the shares of GHK Holdings Limited (GHK). With its headquarters in London, GHK is a multi-disciplinary consultancy serving government and commercial clients on environment, employment, health, education and training, transportation, social policy, business and economic development, and international development issues. The transaction is expected to close by the end of the first quarter, 2012.
Founded in 1973, GHK’s 150 employees provide high-end consulting services in research and evaluation, financial and impact assessment, and program management from four offices in Asia and five offices in Europe. For 2011, GHK is expected to report revenues of approximately US$ 30 million. The transaction is expected to be earnings neutral to ICF in 2012.
“GHK is an excellent strategic fit for ICF, bringing multi-disciplinary, highly educated, and motivated employees who have deep domain knowledge in our key markets. This combination would significantly strengthen our European presence with complementary services and create critical mass for ICF in high-growth Asian markets,” said ICF International Chairman and CEO Sudhakar Kesavan. “We have already won one project together and are proposing jointly on others. We are confident that we will be able to work in concert to significantly expand ICF’s Asia and Europe advisory and implementation business.”
Mr. Kesavan added, “This transaction is an important element of our strategy to replicate ICF’s U.S. track record in Europe and Asia. Jeanne Townend, executive vice president for ICF, will relocate to London upon the completion of this acquisition to oversee the integration of GHK and lead the growth of our Europe and Asia business.”