Houlihan Lokey Advises Hill International, Inc.
Houlihan Lokey is pleased to announce that Hill International, Inc. (NYSE:HIL) has completed a strategic merger with Global Infrastructure Solutions Inc. (GISI). Under the terms of the merger agreement, GISI has acquired 100% of the issued and outstanding shares of Hill International (Hill) for $3.40 per share plus assumed debt, representing an enterprise value of approximately $250 million. Initially approved by the GISI and Hill boards of directors on August 16, 2022, merger terms were later amended to $3.40 per share from $2.85 after receipt of an unsolicited third-party proposal. The transaction closed on December 27, 2022.
Hill International, with more than 3,200 professionals in more than 100 offices worldwide, provides program management, project management, construction management, project management oversight, construction claims, dispute resolution, advisory, facilities management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as one of the largest construction management firms in the United States.
GISI is one of the largest privately owned construction management companies in the commercial building, industrial, and healthcare markets and a leading project/construction manager in the environmental and public infrastructure sectors. GISI generates annual revenue of more than $11 billion and enjoys a project backlog of more than $23 billion.
The merger of Hill and GISI sets the stage for the GISI family of companies’ increased competitiveness and accelerated organic growth in global, for-fee infrastructure consulting markets. Hill International will continue to serve its customers under the Hill International brand as part of GISI’s Engineering & Consulting Services platform, along with sister companies The LiRo Group, GEI Consultants, J. Roger Preston Limited (JRP), and Asia Infrastructure Solutions.
Houlihan Lokey served as the exclusive financial advisor to Hill and rendered a fairness opinion for the transaction. The deal team assisted in all aspects of structuring, valuing, and negotiating the transaction. This transaction highlights Houlihan Lokey’s broad sector expertise and leading practice in advising engineering and infrastructure services companies.