AECOM has closed the sale of its power construction business to CriticalPoint Capital, a Los Angeles-based private equity firm that most recently acquired WalMart’s “Shoes.com.”
Los Angeles-based AECOM, a multinational engineering, design and construction company, has been mulling a selloff over the past nine months, according to public filings in which it acknowledged interest in selling electric power and other “at risk construction” businesses formerly reported under its Construction Services segment. The Exchange Monitor reported talks of the impending sale Thursday.
The company, which designs power plants, sold off its federal contracting Management Services unit in January to a pair of New York-based investment firms for $2.4 billion. The new owners renamed the business Amentum, and it remains a major contractor for the Department of Energy nuclear weapons complex and the Department of Defense.
This acquisition won’t impact AECOM’s $4.4 billion partnership with EnergySolutions for the decommissioning of the retired San Onofre Nuclear Generating Station (SONGS) in California because that work is supported by AECOM’s technical services, not power services, SONGS spokesman John Dobken said in an email.
Earlier this year, AECOM’s chief financial officer said in a May conference call that the company might sell its stake in that operation as well. AECOM and Utah-based EnergySolutions won the contract for the retired nuclear plant in December 2016.
AECOM did not disclose terms of sale.
