Global design, engineering, and project management company Stantec (NYSE: STN) was already having a solid year before its stock hit new, all-time highs this week. The recent catalyst was the announcement of an acquisition that will significantly grow the company's North American consulting business for environmental services. Stantec is purchasing the North American and Asia-Pacific engineering and consulting assets from professional infrastructure and environmental services company, Cardno Limited.
Stantec (STN) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.
EDMONTON, Alberta, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Stantec (TSX, NYSE: STN), a global leader in sustainable design and engineering, today announced it has entered into share purchase agreements (the “Acquisition”) to acquire the North America and Asia Pacific engineering and consulting groups (“the Select Assets”) of Cardno Limited (“Cardno”). Under the terms of the Acquisition, Stantec will acquire the Select Assets for aggregate cash consideration of US$500 million (approximately CA$620 mill