Allegheny County-based construction and engineering firm Michael Baker Corp., which has a large Harrisburg office and multiple contracts for engineering work with the state, said it has entered an agreement to be acquired by Integrated Mission Solutions for $397 million.
Integrated Mission Solutions is an affiliate of DC Capital Partners, a Washington, D.C.-based private investment firm with assets and focus on areas including intelligence, information technology, security, infrastructure, construction and environmental services.
The agreement, which has approval from Michael Baker’s board of directors, will include buyout of shareholders at $40.50 in cash for each share of common stock, or about a 37 percent premium on the company’s July 26 stock price, according to a statement from the company.
The deal is expected to close late in the third quarter or early fourth quarter of this year. IMS will keep Michael Baker’s name, staff and organizational structure in place, the company said. The combined company with a global reach will employ 5,000 people and have revenue of more than $1 billion.
In the midstate, about 140 people work for Michael Baker, company spokesman David Higie said. That presence will remain intact for at least a year after the deal closes, per the terms of the acquisition, he said. It’s not known at this time whether IMS will later make changes.
Michael Baker is an engineering consultant on PennDOT projects, such as the routes 11 and 15 bridge replacement in Enola. Divisions of the company also worked on transportation studies in conjunction with Carlisle’s planning for redevelopment of large industrial properties.