NEW YORK, Dec 21 (Reuters) - Jacobs Engineering Group Inc will pay $675 million cash for the process and construction unit of Norwegian engineering services firm Aker Solutions ASA , the companies said on Tuesday.
The deal will expand Jacobs' presence in Latin America and China and boost its exposure to the mining and metals market. The deal is expected to close in the second quarter of fiscal 2011 and will modestly add to 2011 earnings, Jacobs said.
Aker, Norway's flagship oilfield engineering services provider, has set a restructuring plan under which two spin-offs may be separately listed next year in a move to free up capital to support growth. [ID:nLDE6B70VN]
Aker has said it would spin off Aker Contractors, a specialized engineering, procurement and construction (EPC) company with a strong position in the North Sea field development market, and Process & Construction International, a global supplier of engineering and construction services to onshore industry. (Reporting by Nick Zieminski; Editing by Muralikumar Anantharaman)