Michael Baker Corporation to Be Acquired

Michael Baker Corporation announced Monday that it has entered into a definitive merger agreement to be acquired by Integrated Mission Solutions, LLC, an affiliate of DC Capital Partners, LLC.

Under the terms of the agreement, which has been unanimously approved by Baker's board of directors, Baker shareholders will receive $40.50 in cash for each share of common stock that they own, in a transaction valued at $396.9 million.

The transaction is expected to close late in the third quarter or early in the fourth quarter of 2013. 

"The transaction, which we believe delivers outstanding value to shareholders, results from a thorough, extensive strategic assessment process initiated by the board early this year," stated Robert N. Bontempo, Baker's chairman of the board of directors. 

IMS has agreed to retain the Baker name, maintain Baker's headquarters in Moon Township and keep the current organization and staff of Baker essentially intact.

"This is a significant step for both companies. The combination of Michael Baker and IMS will create a company with over $1.0 billion in revenue, approximately 5,000 employees, and a platform with global reach," stated Thomas J. Campbell, chairman of IMS and founder of DC Capital.

Baker ranks as Pittsburgh's largest enginerring firm and environmental company and is the region's 25th-largest public company, according to the Pittsburgh Business Times.