Philadelphia-based Hill International, Inc. (Hill) announced it had completed a strategic merger with Global Infrastructure Solutions Inc. (GISI) during the last week of December.
The two companies said they had cleared the final regulatory review and would finalize the merger, initially approved by the two companies’ boards of directors on Aug. 16, 2022.
“Since our founding in 1976, Hill has grown into an industry-leading program, project, and construction management company,” Hill International CEO Raouf Ghali said. “By joining the GISI family of companies, Hill is ready to continue to grow while enhancing the quality of our client services, thanks to GISI’s focus on long-term success.”
As part of the merger, Hill will become a wholly owned subsidiary of GISI in an all-cash transaction of approximately $200 million, or $3.40 per share, plus assumed debt. With the completion of the deal, Hill gains expanded access to operational expertise and resources to accelerate its growth, while GISI advances its global diversification and the expansion of its consulting platform.
“The completion of our merger with Hill International is GISI’s fifth strategic merger or acquisition during 2022,” GISI President and CEO Rick Newman said. “Our employee-ownership model differentiates us and is an important feature of our growth, recruitment, and professional development initiatives. As a result, we believe that the GISI family of companies is well positioned to serve the needs of an expanding market requiring more technical and professional expertise than ever before.”
Approximately 73 percent of Hill shareholders approved the merger in November. Hill will continue to serve its customers under the Hill International brand but will be part of GISI’s Engineering and Consulting Services platform along with The LiRo Group, GEI Consultants, J. Roger Preston Limited (JRP), and Asia Infrastructure Solutions, sister companies within GISI.