UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported): July 25, 2008
AECOM
TECHNOLOGY CORPORATION
(Exact name of
Registrant as specified in its charter)
Delaware
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1-33447
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61-1088522
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(State or Other
Jurisdiction
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(Commission
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(I.R.S. Employer
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of
Incorporation)
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File Number)
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Identification
No.)
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555 South
Flower Street, Suite 3700
Los
Angeles, California 90071
(Address of
Principal Executive Offices, including Zip Code)
Registrants telephone
number, including area code (213) 593-8000
Not Applicable
(Former Name or
Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General
Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement communications pursuant to
Rule 14d-(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.01. Completion of Acquisition or
Disposition of Assets.
On
July 25, 2008, AECOM Technology Corporation (AECOM) completed its
previously announced acquisition of Earth Tech (Earth Tech), a business unit
of Tyco International Ltd., pursuant to a Purchase Agreement (the Purchase
Agreement), dated as of February 11, 2008, by and among AECOM, Tyco
International Finance S.A. (Tyco) and other seller parties thereto. A copy of the press release dated
July 28, 2008 announcing the completion of the transaction is attached as
Exhibit 99.1 to this Current Report on Form 8-K and is incorporated
herein by reference.
AECOM
and Tyco entered into two amendments to the Purchase Agreement, each dated as
of July 25, 2008. Pursuant to Amendment
No. 1 to the Purchase Agreement (Amendment No. 1), the parties
agreed to exclude the purchase of Tycos equity participations in certain Earth
Tech Chinese joint venture operations from the Purchase Agreement and allow
those operations to be sold directly by Tyco to third parties. Pursuant to Amendment No. 2 to the
Purchase Agreement (Amendment No. 2), the parties agreed to, among other
things, delay the transfer of Earth Techs United Kingdom businesses to AECOM
until certain third party consents to the transaction are obtained. Pending receipt of such consents, the parties
have agreed for AECOM to manage the U.K. operations. The foregoing descriptions of Amendment
No. 1 and Amendment No. 2 are qualified in their entirety by the
actual terms of Amendment No. 1 and Amendment No. 2, copies of which
are filed with this report as Exhibit 2.1 and Exhibit 2.2,
respectively, and are incorporated herein by reference. A copy of the Purchase Agreement was filed as
Exhibit 2.1 to the Current Report on Form 8-K filed by AECOM with the
U.S. Securities and Exchange Commission on February 12, 2008 and is
incorporated herein by reference.
AECOM
also announced that it completed the divestiture of certain Earth Tech
businesses. Concurrent with the close of
the purchase of Earth Tech, AECOM divested Earth Techs Water & Power
Technologies (WPT) and North American Contract Operations (NACO) businesses
and Earth Techs Mexican operations.
The
value of the divested WPT, NACO and Mexico assets noted above, along with the
value of certain assets that have been carved out of the sale transaction with
Tyco and other purchase price adjustments, represent a total of $175 million of
the original $510 million transaction value.
Item 2.03 Creation of a Direct
Financial Obligation or an Obligation under an Off- Balance Sheet Arrangement
of a Registrant.
In connection with the acquisition of Earth
Tech described in Item 2.01 above, on July 25, 2008 AECOM borrowed approximately
$400 million under its existing revolving credit facility. While outstanding, the borrowing will bear
interest, at AECOMs option, at either (a) a base rate (the greater of the
federal funds rate plus 0.50% or the banks reference rate), or (b) an
offshore, or LIBOR, rate plus a margin which ranges from 0.50% to 1.375%. The foregoing description of AECOMs
revolving credit facility is qualified by reference to the complete copy of the
Second Amended and Restated Credit Agreement filed as Exhibit 10.1 to the
Current Report on Form 8-K filed by AECOM with the U.S. Securities and
Exchange Commission on September 7, 2007.
Item 9.01 Financial Statements and
Exhibits.
(a)
Financial statements of businesses acquired.
The
financial statements required by this Item, with respect to the acquisition
described in Item 2.01 herein, will be filed as soon as practicable, and in any
event not later than October 10, 2008, the date that is 71 days after the
date on which this Current Report on Form 8-K is required to be filed
pursuant to Item 2.01.
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(b) Pro forma financial information.
The
pro forma financial information required by this Item, with respect to the
acquisition described in Item 2.01 herein, will be filed as soon as
practicable, and in any event not later than October 10, 2008, the date
that is 71 days after the date on which this Current Report on Form 8-K is
required to be filed pursuant to Item 2.01.
(d) Exhibits.
2.1 Amendment No. 1 to Purchase Agreement,
dated as of July 25, 2008, by and among AECOM Technology Corporation, Tyco
International Finance S.A. and certain other seller parties thereto.
2.2 Amendment No. 2 to Purchase Agreement,
dated as of July 25, 2008, by and among AECOM Technology Corporation, Tyco
International Finance S.A. and certain other seller parties thereto.
99.1 Press Release, dated July 28, 2008, announcing AECOMs completion of the Earth Tech acquisition.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereto
duly authorized.
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AECOM
TECHNOLOGY CORPORATION
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Dated:
July 31, 2008
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By:
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/s/
DAVID Y. GAN
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David
Y. Gan
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Vice
President, Assistant General Counsel
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EXHIBIT
INDEX
Exhibit
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2.1 Amendment No. 1 to Purchase
Agreement, dated as of July 25, 2008, by and among AECOM Technology
Corporation, Tyco International Finance S.A. and certain other seller parties
thereto.
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2.2 Amendment No. 2 to Purchase
Agreement, dated as of July 25, 2008, by and among AECOM Technology
Corporation, Tyco International Finance S.A. and certain other seller parties
thereto.
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99.1 Press Release, dated July 28, 2008,
announcing AECOMs completion of the Earth Tech acquisition.
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Exhibit
2.1
AMENDMENT
NO. 1 TO
PURCHASE
AGREEMENT
This Amendment No. 1
to Purchase Agreement (this Amendment), dated as of July 25,
2008, is made and entered into by and among AECOM Technology Corporation, a
corporation organized under the laws of Delaware, having its registered office
at 555 South Flower Street, Suite 3700, Los Angeles, California 90071 (Purchaser),
on the one hand, and Tyco International Finance S.A., a company organized under
the laws of Luxembourg, having its registered office at 29 Avenue de la Porte
Neuve L2227 Luxembourg (TIFSA, a Seller and Parent),
and each of the Persons set forth on the signature pages hereto, (each a Seller,
and collectively with Parent, the Sellers), on the other hand. Capitalized terms used herein and not
otherwise defined shall have the same meanings as set forth in the Agreement
(as defined below).
W I
T N E
S S E
T H
WHEREAS, the
parties hereto entered into that certain Purchase Agreement, dated February 11,
2008 (the Agreement);
WHEREAS,
pursuant to the Agreement, Purchaser has agreed to purchase all of Sellers
Equity Participations in, and assume Sellers rights and obligations otherwise
related to, the DBFO projects conducted by (i) Guangzhou Xilang Wastewater
Treatment Co. Ltd. (the Xilang DBFO Project), (ii) Tianjin Earth
Tech Jieyuan Water Co., Ltd (the Tianjin DBFO Project and together
with the Xilang DBFO Project, the Chinese DBFO Projects) and (iii) Qinhuangdao
Pacific Water Company Limited (the QPWC DBFO Project);
WHEREAS,
Purchaser desires to designate Sino French Water Development (Tianjin) Company
Limited (Sino-French) to purchase and receive Sellers Equity
Participations in, and assume Sellers rights and obligations otherwise related
to, the Chinese DBFO Projects and, in connection therewith, has requested that
the Sellers (i) amend the Agreement so as to enable the Sellers to sell
the Chinese DBFO Projects to Sino-French and (ii) enter into agreements to
sell the Chinese DBFO Projects to Sino-French;
WHEREAS,
Purchaser desires to designate ET
Acquisition Company SRL, a Barbados company (AECOM Barbados),
to purchase and receive all of the Equity Participations in the QPWC DBFO
Project;
WHEREAS,
at the request of Purchaser, on or about the date hereof, certain of Sellers
will enter into equity interest purchase agreements with (A) Sino-French
to purchase all of Sellers Equity Participations in, and assume Sellers
rights and obligations otherwise related to Sellers Equity Participations in, (i) the
Xilang DBFO Project (the Xilang Purchase Agreement) and (ii) the
Tianjin DBFO Project (the Tianjin Purchase Agreement) and (B) AECOM
Barbados to purchase all of Sellers Equity Participations in, and assume
Sellers rights and obligations otherwise related to Sellers Equity
Participations in, the QPWC DBFO Project (the
QPWC Purchase
Agreement). The QPWC Purchase
Agreement, the Xilang Purchase Agreement and the Tianjin Purchase Agreement
(collectively, the Chinese Purchase Agreements) are each attached
hereto as Exhibits A, B and C, respectively;
WHEREAS, Section 15.7
of the Agreement provides that amendments may be made to the Agreement by
execution of an instrument in writing signed by each of Parent, the Sellers and
Purchaser; and
WHEREAS, the
parties hereto wish to amend the Agreement as set forth herein.
NOW, THEREFORE,
in consideration of the premises and the mutual covenants herein contained, the
receipt and sufficiency of which is hereby acknowledged, parties hereto agree
as follows:
A G
R E E D
The parties hereto hereby
agree that notwithstanding anything to the contrary in the Agreement:
1. Definitions. The
definition for the term Chinese DBFO Proceeds is deleted in its entirety and
replaced with the following: Chinese DBFO Proceeds means any
distribution or dividend that is actually received by a Seller or any Affiliate
of a Seller from the Chinese DBFOs on or after December 28, 2007 and prior
to the Closing Date solely with respect to any Chinese DBFO that is not
acquired (or, as of the Closing Date, not subject to acquisition) by a Chinese
DBFO joint venture partner pursuant to the exercise of a contractual right of
first refusal (a ROFR). To the extent that a distribution or dividend
is received by a Seller or any Affiliate of a Seller from a Chinese DBFO that
is acquired (or to be acquired) by the joint venture partner pursuant to the
exercise of a ROFR, such distribution or dividend shall not constitute Chinese
DBFO Proceeds.
2. Chinese DBFOs.
(a) Purchaser
designates Sino-French to purchase and receive all of the Target Shares of
(i) Guangzhou Xilang Wastewater Treatment Co. Ltd. (the Xilang Target
Shares) and (ii) Tianjin Earth Tech Jieyuan Water Co., Ltd. (the Tianjin
Target Shares, and together with the Xilang Target Shares, the Chinese
Target Shares). Parent acknowledges and accepts Purchasers designation of
Sino-French to purchase and receive the Chinese Target Shares.
(b) Purchaser designates its
Affiliate, AECOM Barbados, to purchase and receive all of the Target Shares of
Qinhuangdao Pacific Water Company Limited (the QPWC Target Shares).
Parent acknowledges and accepts Purchasers designation of AECOM Barbados
(pursuant to Section 2.1 of the Agreement) to purchase and receive the
QPWC Target Shares.
(c) Sino-French shall
purchase the Chinese Target Shares in accordance with the terms and conditions
set forth in each of the Chinese Purchase Agreements and provided that
Sino-French (i) fulfills its obligations under the Chinese Purchase
Agreements and (ii) purchases
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the Chinese Target Shares to be conveyed thereunder,
Purchaser shall not be obligated to purchase such Chinese Target Shares or
deliver the portion of the Base Purchase Price that relates thereto (as set
forth on Schedule A attached hereto). Notwithstanding
anything herein to the contrary, Parent and the other Sellers agree that in the
event that Sino-French is no longer obligated to purchase any or all of the
Chinese Target Shares in accordance with the terms and conditions of that
certain Purchase Agreement between Sino-French, Purchaser and the other parties
thereto (a Sino-French Termination) (i) Parent and the other
Sellers shall have recourse solely to Purchaser under the Agreement as amended
by this Amendment with respect to the purchase of the applicable Chinese Target
Shares, (ii) Parent and Sellers that are party to any Chinese Purchase
Agreements relating to the applicable Chinese Target Shares agree to terminate
such Chinese Purchase Agreements without any liability accruing on behalf of
Sino-French thereunder and (iii) Sino-French is expressly recognized to be
a third party beneficiary of this provision.
(d) AECOM Barbados shall
purchase the QPWC Target Shares in accordance with the terms and conditions set
forth in the QPWC Purchase Agreement and the Agreement and provided that
AECOM Barbados (i) fulfills its obligations under the QPWC Purchase
Agreement and (ii) purchases the QPWC Target Shares to be conveyed
thereunder, Purchaser shall not be obligated to purchase the QPWC Target Shares
or deliver the portion of the Base Purchase Price that relates thereto (as set
forth on Schedule A attached hereto).
(e) The closing of the
transactions contemplated by each of the Chinese Purchase Agreements, or any
equity interest purchase agreement by which Purchaser acquires the Chinese
Target Shares if Sino-French does not acquire such Chinese Target Shares, which
may or may not occur concurrently with, but shall be separate from, the Closing,
shall each be defined as a Chinese Closing and the date on which each
such Chinese Closing occurs shall be defined as a Chinese Closing Date.
Upon the transfer of the Chinese Target Shares to Sino-French, the terms and
conditions of the Agreement as amended by this Amendment (including, without
limitation, with respect to the representations, warranties and covenants
thereunder) shall operate as if the Chinese Target Shares had been conveyed to
Purchaser and Purchaser had subsequently conveyed the Chinese Target Shares to
Sino-French.
(f) In the event that
Sino-French and/or AECOM Barbados fail to perform (including as a consequence
of a Sino-French Termination) any of their respective obligations under a
Chinese Purchase Agreement, Purchaser shall immediately use its best efforts to
remedy such non-compliance; provided, however, if (i) such
non-compliance pertains to the failure (including as a consequence of a
Sino-French Termination) of Sino-French and/or AECOM Barbados to deliver the
purchase price for the Chinese Target Shares or QPWC Target Shares being
conveyed pursuant to a Chinese Purchase Agreement (the Applicable Purchase
Price), (ii) the conditions set forth in Section 2(j) of
this Amendment have been fulfilled or waived and (iii) Sellers have
otherwise performed all of their obligations in all material respects under
(x) the Agreement (as such obligations pertain to such Chinese Target
Shares or QPWC Target Shares) and (y) such Chinese Purchase Agreement,
Purchaser shall deliver the Applicable Purchase Price (as adjusted hereunder)
to Sellers (on behalf of Sino-French and/or AECOM Barbados) within three
(3) Business Days of receiving written notice from Sellers of such
non-compliance. In the
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event of a Sino-French Termination with respect to any
of the Chinese Target Shares that occurs prior to the satisfaction of
(ii) and (iii) above, Purchaser shall be required, except as
specifically provided herein or in the Agreement, to purchase the applicable
Chinese Target Shares pursuant to the terms of this Amendment, the Agreement
and an equity interest purchase agreement substantially in the form of the
applicable Chinese Purchase Agreement.
(g) Except as specifically
provided herein, nothing in this Amendment shall relieve Purchaser of its
obligations (i) to purchase the Chinese Target Shares and/or the QPWC
Target Shares pursuant to the terms and conditions of this Amendment, the
Agreement and an applicable equity interest purchase agreement, if any, in the
event that Sino-French and/or AECOM Barbados fail to acquire such shares for
any reason pursuant to the applicable Chinese Purchase Agreement and the
Agreement, including a Sino-French Termination or the failure to obtain the
applicable Governmental Body approval for the transfer or the Chinese Target
Shares to Sino-French, and (ii) to satisfy the covenants (or cause such
covenants to be satisfied) set forth in the Agreement, including, without
limitation, as such covenants pertain to the portions of the Business involving
the Chinese DBFO Projects and the QPWC DBFO Project. Except as specifically
provided herein, including Section 2(l), in the event that
Sino-French and/or AECOM Barbados fail to purchase any of the Chinese Target
Shares and/or the QPWC Target Shares, Purchasers obligation hereunder to
purchase such shares at the Closing, or after the Closing (if the Closing had
already occurred), shall not expire until the Chinese Termination Date (subject
to the extension described below).
(h) Solely for purposes of the
Closing, Purchaser hereby irrevocably waives the conditions to Closing set
forth in Section 10.2(h) of the Agreement as they relate to obtaining
the consents necessary to transfer to Purchaser at the Closing the economic benefit
of (i) the QPWC DBFO Project, (ii) the Tianjin DBFO Project and
(iii) the Xilang DBFO Project (collectively, the Chinese Consents).
For the avoidance of doubt, such waiver (i) is not conditioned upon any
subsequent event, including without limitation, the consummation of the sales
of the Chinese Target Shares to Sino-French or the QPWC Target Shares to AECOM
Barbados and (ii) shall not relieve Parent of its obligation to obtain the
applicable Chinese Consents as a condition precedent to each Chinese Closing.
(i) Commencing on
October 1, 2008, Parent shall be entitled to a fee in the form of interest
that shall accrue at a rate of seven percent (7%) per annum on the portion of
the Base Purchase Price (as set forth on Schedule A attached hereto and subject
to adjustment pursuant to Section 2(m) below) that relates to
any Chinese Target Shares or QPWC Target Shares that have not been conveyed to
Sino-French, AECOM Barbados or Purchaser on such date (Outstanding Shares).
Such interest shall continue to accrue until the earlier of the applicable
(i) Chinese Closing Date or (ii) the Chinese Termination Date, and
all such accrued interest shall be paid by Purchaser to Parent on such date.
Notwithstanding the foregoing, in the event that a Chinese Closing does not
occur pursuant to Section 2(l)(i), Section 2(l)(ii) (but
solely to the extent the applicable Chinese Closing did not occur before the
Chinese Termination Date as a result of a breach or violation of this
Agreement, the Ancillary Agreements or the applicable Chinese Purchase
Agreement by Parent or Sellers) or Section 2(l)(iii), none of such
accrued interest shall be paid to Parent; provided, however, if
such Chinese Closing does not
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occur pursuant to Section 2(l)(iii),
Purchaser shall pay to Parent a fee of an amount equal to the product of
(x) one-million Dollars ($1,000,000) multiplied by (y) a
fraction, the numerator of which is the portion of the Base Purchase Price (as
set forth on Schedule A attached hereto and subject to adjustment pursuant to Section 2(m) below)
that relates to the Outstanding Shares for which such Chinese Closing will not
occur and the denominator of which is the sum of all of the portions of the
Base Purchase Price (as set forth on Schedule A attached hereto and subject to
adjustment pursuant to Section 2(m) below) that relate to the
Chinese Target Shares and the QPWC Target Shares.
(j) The obligations of
Sino-French to purchase the Chinese Target Shares and AECOM Barbados to
purchase the QPWC Target Shares in the applicable Chinese Closing, shall be
conditioned upon the (i) consummation, the fulfillment or waiver of the
conditions set forth in the following Sections of the Agreement as of each
applicable Chinese Closing Date but only to the extent such conditions relate
to the Chinese DBFO being conveyed at such Chinese Closing:
Section 10.2(a) (as such representations and warranties relate to the
applicable Chinese DBFO), Section 10.2(b), Section 10.2(c) (with
such certificates dated as of the applicable Chinese Closing Date and presented
by the applicable Seller), Section 10.2(d), Section 10.2(e),
Section 10.2(h), Section 10.2(i) (with respect to the
deliverables referenced in Sections 11.1(a) (noting that share certificates
do not exist in China and therefore the foregoing shall be deemed satisfied on
the date that the applicable Chinese governmental entity approves the transfer
of the applicable Target Shares), (b) and (g) of the Agreement),
Section 10.2(j) (but only with respect to the applicable Chinese DBFO
Proceeds), Section 10.2(k) (with respect to the officers and
directors of Qinhuangdao Pacific Water Company Limited, Guangzhou Xilang
Wastewater Treatment Co. Ltd. and Tianjin Earth Tech Jieyuan Water Co., Ltd.),
10.2(l) and 10.2(n) and (ii) the other conditions precedent set
forth in the applicable Chinese Purchase Agreement. In the event that a Chinese
Closing occurs prior to the Closing as a result of the approval by the
applicable Governmental Body with respect to the transfer of the applicable
Target Shares, the parties shall enter into an amendment to the Purchase
Agreement, which amendment shall, among other things, provide Purchaser with
the benefit of the applicable representations and warranties from Sellers relating
thereto, effective as of the date of such Chinese Closing.
(k) The obligations of Parent
and Sellers to convey the Chinese Target Shares to Sino-French and the QPWC
Target Shares to AECOM Barbados at the applicable Chinese Closing, shall be
conditioned upon (i) the consummation, the fulfillment or waiver of the
conditions set forth in the following Sections of the Agreement as of each
applicable Chinese Closing Date but only to the extent such conditions relate
to the Chinese DBFO being conveyed at such Chinese Closing:
Section 10.1(a), Section 10.1(b), Section 10.1(c) (with
such certificate dated as of the applicable Chinese Closing Date),
Section 10.1(d), Section 10.1(e), Section 10.1(h) (with
respect to the deliverables referenced in Sections 11.2(a) (noting that
upon the delivery of the purchase price specified in the applicable Chinese
Purchase Agreement, this provision shall be deemed satisfied), (b) (as
such Replacement Letters of Credit, Bank Guarantees and Surety Bonds relate to
the Chinese DBFOs), (c) and (g) of the Agreement), and
Section 10.1(i) and (ii) the other conditions precedent set
forth in the applicable Chinese Purchase Agreement.
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(l) Sino-French, AECOM
Barbados and Purchaser shall have no obligation to purchase the Chinese Target
Shares and/or QPWC Target Shares (or deliver the portion of the Purchase Price
that relates thereto), as applicable, in the event that:
(i) any Chinese DBFO joint
venture partner exercises its right to purchase any of the Chinese Target
Shares or the QPWC Target Shares, as applicable, pursuant to a contractual
right of first refusal or other preemptive right, regardless of whether or not
such transaction is closed (a ROFR Election);
(ii) the Chinese Closing has
not occurred with respect to the purchase of any of the Chinese Target Shares
and/or the QPWC Target Shares, as applicable, within nine (9) months of
the Closing (the Chinese Termination Date); provided that
such date shall be extended by up to an additional three (3) months with
respect to the applicable Chinese DBFO if (1) the Governmental Body
required to approve the transaction pursuant to item (iii) below has
indicated in writing or other definitive fashion such consent or approval will
be granted but such consent or approval has not become official or (2) a
Sino-French Termination occurred during the three (3) month period
immediately prior to the Chinese Termination Date; provided further
that a partys obligations shall not expire on the Chinese Termination Date if
(1) the failure of such party to fulfill any of its obligations under the
Agreement, this Amendment or a Chinese Purchase Agreement caused the failure of
the Chinese Closing to occur on or before such date or (2) if the approval
request has already been submitted to the relevant Governmental Body seeking
the transfer of the applicable Chinese Target Shares or QPWC Target Shares, in
which case the parties obligations shall continue unless and until the earlier
to occur of (X) the approval request has been jointly withdrawn by the
parties, (Y) the approval request has been rejected or otherwise denied by
the Governmental Body or (Z) three (3) months after the Chinese
Termination Date, it being agreed that if the relevant approval shall be issued
and such Chinese Target Shares or QPWC Target Shares shall transfer to
Sino-French or AECOM Barbados, as applicable, the Chinese Closing therefor
shall occur in accordance with the Agreement as modified by this Amendment and
the terms and conditions of the Agreement (including, without limitation, the
representations and warranties relevant to the applicable Chinese Closing)
shall be in full force and effect with respect to any such Chinese Closing and
the transfer of such Chinese Target Shares or QPWC Target Shares, as
applicable; or
(iii) the applicable
Governmental Body required to approve the transfer of any of the Chinese Target
Shares and/or the QPWC Target Shares to Sino-French or AECOM Barbados (or AECOM
in the event the applicable Governmental Body does not approve the transfer of
the Chinese Target Shares to Sino-French), indicates in writing or other
definitive fashion that such approval will not be given.
(iv) Notwithstanding the
foregoing, in the event that the joint venture partner referred to in Section 2(l)(i) fails
to fulfill its obligations to consummate the purchase of the applicable Chinese
Target Shares and/or QPWC Target Shares, Purchaser and Sellers agree to
negotiate in good faith for a period of up to sixty (60) days with respect to
the possible sale of such shares to Sino-French or AECOM Barbados, as
applicable, pursuant to terms and conditions substantially similar to those
that had been contemplated by the applicable Chinese
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Purchase Agreement and the Agreement as amended by
this Amendment; provided, however, the Chinese Termination Date shall not be
extended and no interest shall accrue or be owed pursuant to Section 2(i) hereof.
(m) The Base Purchase Price
shall be reduced on the Closing Date by the portion of the Base Purchase Price
that relates to the Chinese Target Shares and/or the QPWC Target Shares (as set
forth on Schedule A attached hereto) to the extent the applicable
Chinese Closing does not occur concurrently with the Closing Date. Subject to
the foregoing, the Base Purchase Price shall be further adjusted on the Closing
Date (i) in accordance with Section 2.6(b) of the Agreement (to
the extent such adjustments do not relate to the Chinese DBFOs) and (ii) after
the Closing Date in accordance with Section 2.6(f) of the Agreement
(to the extent such adjustments do not relate to the Chinese DBFOs). On each
Chinese Closing Date the portion of the Base Purchase Price that relates to the
applicable Chinese Target Shares and/or the QPWC Target Shares (as set forth on
Schedule A attached hereto) shall be adjusted pursuant to Sections
2.6(b)(3),(4),(5),(8) and (9) of the Agreement (to the extent that
such adjustment relates to the Chinese DBFOs) and (ii) after the Chinese
Closing Date in accordance with the corresponding sections of
Section 2.6(f) of the Agreement (it being acknowledged that Purchaser
shall have 75 days after the applicable Chinese Closing Date to deliver a
Post-Closing Statement related to the applicable Chinese DBFOs). For the
avoidance of doubt, all standards, terms and conditions of ARTICLE II of the
Agreement that relate to the resolution of adjustments to, and the allocation
of, the Base Purchase Price shall continue to apply to all adjustments to, and
allocations of, the Base Purchase Price. Notwithstanding anything contained
herein to the contrary and in order to avoid duplicative purchase price
adjustments, in the event that any adjustment to the Base Purchase Price
relating to any Chinese DBFO has been taken into account at a Chinese Closing
Date pursuant to the applicable Chinese Purchase Agreement (or any equity
interest purchase agreement by which Purchaser acquires the Chinese Target
Shares if Sino-French does not acquire such) such adjustment shall not be taken
into account pursuant to this Amendment or the Agreement.
(n) Parent and Sellers
represent and warrant that their respective representations and warranties set
forth in ARTICLES IV and V, and to the Knowledge of Sellers, ARTICLE VI, shall
be true, correct and complete with respect to the portion of the Business
relating to the Chinese DBFOs, the Chinese Target Shares and the QPWC Target
Shares, as applicable, as of the applicable Chinese Closing Date, except as
expressly set forth in the Schedules. Parents and Sellers agree that the
survival periods for the representations and warranties set forth in ARTICLES
IV, V and VI with respect to the portion of the Business relating to a Chinese
DBFO and the applicable Target Shares shall be measured from the applicable
Chinese Closing Date. Subject to the exceptions set forth in Section 8.1
of the Agreement, prior to each Chinese Closing, each Seller will not, and each
Seller will cause its Subsidiaries not to, unless the prior written consent of
Purchaser (which shall not be unreasonably withheld, delayed or conditioned)
has been obtained, take any action or fail to take any action set forth in
Section 8.1(b) of the Agreement or that would be inconsistent with
Section 8.1(a) of the Agreement with respect to the portion of the
Business relating to the Chinese DBFOs. For purposes of clarity,
indemnification provided by Parent with respect to the foregoing shall be
subject to the same limitations and procedures as set forth in ARTICLE XIII
7
(except for the survival periods, which shall be
measured from the applicable Chinese Closing Date).
(o) In addition to the
indemnification provided by Purchaser pursuant to Section 13.3 of the
Agreement, and subject to the terms and provisions of this Amendment, Purchaser
agrees, subject to the other terms, conditions and limitations of the Agreement
(including the provisions of Sections 13.4 and 13.5), to indemnify the Seller
Indemnified Parties against, and hold the Seller Indemnified Parties harmless
from, all Losses suffered or incurred by any of the Seller Indemnified Parties
to the extent arising out of, or related to, the execution of, or performance
of their obligations under, the Chinese Purchase Agreements to the extent that
such Losses would not have been incurred if Sino-French had not been
substituted for Purchaser pursuant to this Amendment; provided that
Sellers have fulfilled their obligations under the Agreement (as such
obligations pertain to the Chinese DBFOs) and under the Chinese Purchase
Agreements, in each case in all material respects.
(p) Notwithstanding anything
contained in Section 8.8 of the Agreement or in the Guaranty
Indemnification Agreement to the contrary, Parent and Sellers agree that
Purchasers obligation to (i) obtain the Replacement Letters of Credit,
Bank Guarantees and Surety Bonds related to the Chinese DBFO Projects and the
QPWC DBFO Project pursuant to Section 8.8(a)(1) of the Agreement
shall be as of at the applicable Chinese Closing Date (and not as of the
Closing Date), (ii) use commercially reasonable efforts to replace,
terminate or cancel the Letters of Credit, Bank Guarantees and Surety Bonds
related to the Chinese DBFO Projects and the QPWC DBFO Project pursuant to
Section 8.8(a)(4) of the Agreement shall be as of the applicable
Chinese Closing Date (and not as of the Closing Date) and (iii) use best
efforts to obtain the release of Parent from the Parent Guarantees related to
the Chinese DBFO Projects and the QPWC DBFO Project shall be as of at the
applicable Chinese Closing Date (and not as of the Closing Date). For the
avoidance of doubt, (i) this provision only modifies the timing of
performance for certain of Purchasers obligations and (ii) all of
Purchasers other obligations set forth in any of Section 8.8 of the
Agreement or in the Guaranty Indemnification Agreement shall continue to apply
in all respects.
(q) The parties hereto agree
that references to the Closing or the Closing Date in ARTICLE IX (Tax
Matters) (and in the definitions of defined terms used therein) shall, to the
extent related to the portion of the Business relating to a Chinese DBFO, the
Chinese Target Shares or the QPWC Target Shares, be deemed to refer to the
applicable Chinese Closing or Chinese Closing Date, as the case may be.
(r) Notwithstanding anything
to the contrary herein, Purchaser hereby covenants and agrees to use
commercially reasonable efforts to cause each of the Chinese Closings to occur
prior to the Chinese Termination Date, which shall include, without limitation,
diligently cooperating with and assisting Sellers with obtaining the Chinese
Consents.
3. Company Services
Agreements.
(a) Notwithstanding anything
to the contrary herein, in the event that on the Closing Date it is apparent
that (1) a Chinese Closing will occur after the Closing Date (a
8
Delayed Transfer) or a (2) the
consummation of the transactions contemplated by a ROFR Election will occur
after the Closing Date (a Delayed ROFR Closing), Purchaser and Sellers
shall enter into management agreements (each a Company Services Agreement)
with respect to the management and operation of the portions of the Business
that relate to the Chinese Target Shares and/or QPWC Target Shares that are
subject to a Delayed Transfer or Delayed ROFR Closing (the Chinese
Businesses). The Company Services Agreements shall (i) provide that
the Chinese Businesses shall be managed and maintained in the ordinary course
of business consistent with past practice, (ii) provide that the Chinese
Business shall not take any action that would cause any condition to a Chinese
Closing not to be met or that would cause a breach of any representation,
warranty or covenant of Parent or Sellers relating to the Chinese Businesses,
(iii) provide that Purchaser shall use commercially reasonable efforts to
operate the Chinese DBFOs in such a manner as to avoid (A) any condition
to a Chinese Closing not being met, (B) the breach of any representation,
warranty or covenant of Parent or Sellers relating to the Chinese Businesses,
or (C) triggering an adjustment to the Base Purchase Price pursuant to
Section 2.6 with respect to the Chinese DBFOs (other than distributions or
capital contributions pursuant to contractual agreements in place as of the
Closing or otherwise in the Ordinary Course), (iv) provide that with
respect to the operation of the Chinese Businesses, Purchaser will not, and
will cause its Subsidiaries not to, unless the prior written consent of Sellers
(which shall not be unreasonably withheld, delayed or conditioned) has been
obtained, take any action or fail to take any action set forth in
Section 8.1(b) of the Agreement or that would be inconsistent with
Section 8.1(a) of the Agreement, (v) provide for the necessary
allocation of personnel, services and other resources reasonably necessary by
Purchaser to manage and maintain the Chinese Businesses on a basis that is
consistent with the past custom and practice for the Chinese Businesses,
(vi) provide for Purchaser to provide administrative services to the
Chinese Businesses, (vii) provide that the benefits and obligations under
each Company Services Agreement shall bind Purchaser and its Subsidiaries and
their successors and permitted assigns (provided that Purchaser shall not
assign its obligations under any Company Services Agreement without the prior
written consent of Sellers) and (viii) provide that each such Company
Services Agreement shall terminate on the date that is the earlier of
(A) the date that applicable Chinese Closing or Delayed ROFR Closing
occurs or (B) the date that is twelve (12) months after the Chinese
Termination Date. In addition, if, notwithstanding Purchasers use of
commercially reasonable efforts in operating the Chinese DBFOs, any condition
to a Chinese Closing is not met, or any representation, warranty or covenant of
Parent or Sellers relating to the Chinese Businesses is breached, Purchaser
shall use commercially reasonable efforts to assist Parent or Sellers in curing
such condition or breach.
(b) In the event that
Purchaser enters into a Company Services Agreement on account of a Delayed ROFR
Closing or a Delayed Transfer, such Company Services Agreement shall provide
that Sellers shall reimburse Purchaser on a monthly basis for all incremental
out-of-pocket cash costs actually incurred by Purchaser as a result of
Purchasers fulfillment of its obligations under such Company Services
Agreement plus 35%.
(c) In the event that
Purchaser is obligated by this Section 3 to operate a Chinese DBFO
after the Chinese Termination Date, such Company Services Agreement shall be
amended to provide that (1) Sellers shall reimburse Purchaser on a monthly
basis for all
9
incremental out-of-pocket cash costs actually incurred
by Purchaser as a result of Purchasers fulfillment of its obligations under
such Company Services Agreement plus 35% and (2) Purchaser shall use
commercially reasonable efforts to assist Sellers (as Sellers may reasonably
request) with Sellers efforts to identify, and ultimately convey such Chinese
DBFO to, a third-party purchaser.
4. Other DBFO
Proceeds. Sections 2.6(f)(15) and 2.6(f)(16) are deleted in their entirety and
replaced with the following:
(15) In the event that the
Estimated Other DBFO Proceeds were greater than the aggregate amount of all
Permitted Proceeds Parent was entitled to receive and (i) if the Other
DBFO Proceeds, as finally determined in accordance with this Section 2.6,
are less than the Estimated Other DBFO Proceeds, then Purchaser shall pay the
amount of such shortfall to Parent; provided that in no event shall the
adjustment under this Section 2.6(f)(15)(i) exceed the amount
of the reduction to the Base Purchase Price determined under Section 2.6(b)(11)
or (ii) if the Other DBFO Proceeds, as finally determined in accordance
with this Section 2.6, are greater than the Estimated Other DBFO
Proceeds, then Parent shall pay the amount of such excess to Purchaser.
(16) In the event that
(i) the Estimated Other DBFO Proceeds were equal to or less than the
aggregate amount of all
Permitted Proceeds Parent
was entitled to receive, (ii) no reduction was made to the Base Purchase
Price pursuant to Section 2.6(b)(11) and (iii) the Other DBFO
Proceeds as finally determined in accordance with this Section 2.6
are greater than the aggregate amount of all Permitted Proceeds Parent was
entitled to receive, Parent shall pay the amount of such excess to Purchaser.
5. Operating and
Management Support Contract. Parent
agrees to cause that certain operating and management support contract between
Tianjin Earth Tech Jieyuan Water Co., Ltd. and Tyco Asia Investments Limited to
be assigned to Sino-French at the Chinese Closing Date with respect to the
Tianjin Target Shares.
6. Indemnification.
For the avoidance of doubt, Sino-French (or any Affiliate thereof) shall not
have any rights under, or be considered a third-party beneficiary to, the
Agreement, except as expressly set forth in Section 2(c) hereof.
Accordingly, under no circumstance shall Sino-French (or any Affiliate thereof)
be construed to constitute, or otherwise be entitled to participate as, a
Purchaser Indemnified Party or a Tax Indemnified Party; provided however,
that any Losses or Taxes suffered or incurred by Sino-French, or any other
purchaser of any portion of the Business from Purchaser or its Affiliates
(including after the Closing, the Purchased Companies and their Subsidiaries),
for which Parent would otherwise be required to directly indemnify Purchaser or
its Affiliates (including after the Closing, the Purchased Companies and their
Subsidiaries) as a Purchaser Indemnified Party or a Tax Indemnified Party
pursuant to the Agreement, shall constitute Losses or Taxes suffered or
incurred by Purchaser or its Affiliates (including after the Closing, the
Purchased Companies and their Subsidiaries), as applicable, but only to the
extent that Purchaser or its Affiliates (including after the Closing, the
Purchased Companies and their Subsidiaries) are required to indemnify
Sino-French or any such
10
other purchaser of any
portion of the Business from Purchaser or its Affiliates (including after the
Closing, the Purchased Companies and their Subsidiaries).
7. Full Force and
Effect. Except as expressly amended or modified hereby, each term, provision,
Exhibit and Schedule of the Agreement (i) is hereby ratified and
confirmed, (ii) is hereby incorporated herein and (iii) will and does
remain in full force and effect.
8. Governing Law. This
Amendment will be governed by, and construed in accordance with, the Laws the
state of New York, without regard to the principles of choice of Law or
conflicts or Law of any jurisdiction.
9. Severability. If any
term or other provision of this Amendment is held invalid, illegal or incapable
of being enforced by any rule of Law or public policy, all other terms and
provisions of this Amendment will nevertheless remain in full force and effect
and there shall be deemed substituted for the provision at issue a valid, legal
and enforceable provision that effects the original intent of the parties as
closely as possible in order that the transactions contemplated hereby be
consummated as originally contemplated to the greatest extent possible.
10. Modification. This
Amendment may not be altered, amended or modified in any way except by writing
signed by all parties hereto. Waiver of any term or provision of this Amendment
or forbearance to enforce any term or provision by any party shall not
constitute a waiver as to any subsequent breach or failure of the same term or
provision or a waiver of any other term or provision of this Amendment.
11. Counterparts. This
Amendment may be executed in one or more counterparts, and by the different
parties hereto in separate counterparts, each of which will be deemed to be an
original copy of this Amendment and all of which, when taken together, will be
deemed to constitute one and the same agreement. The exchange of copies of this
Amendment and of signature pages by facsimile or electronic mail
transmission shall constitute effective execution and delivery of this
Amendment as to the parties hereto and may be used in lieu of the original
Amendment for all purposes.
[SIGNATURE PAGE(S) FOLLOW]
11
IN WITNESS WHEREOF,
Parent, Sellers and Purchaser have caused this Amendment No. 1 to the
Purchase Agreement to be executed as of the date first written above by their
respective duly authorized representatives.
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PARENT:
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TYCO INTERNATIONAL
FINANCE S.A.
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By:
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/s/ Enrica Maccarini
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Name:
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Enrica Maccarini
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Its:
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Managing Director
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SELLERS:
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STRALEN INVESTMENTS
LIMITED
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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TYCO INTERNATIONAL
HOLDING S.a.r.l.
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By:
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/s/ Enrica Maccarini
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Name:
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Enrica Maccarini
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Its:
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General Manager
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TYCO HOLDING XI
(DENMARK)
ApS
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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TYCO ASIA INVESTMENTS
LIMITED
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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[
Signature Page to Amendment No. 1 to the Purchase Agreement ]
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KEYSTONE FRANCE
HOLDINGS
CORP.
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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TYCO SERVICES MALAYSIA
SDN. BHD.
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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EARTH TECH DEUTSCHLAND
GMBH
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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EARTH TECH
UMWELTTECHNIK GMBH
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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EARTH TECH KLARTECHNIK
GMBH
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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EARTH TECH ENGINEERING
Pty
LIMITED
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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[
Signature Page to Amendment No. 1 to the Purchase Agreement ]
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EARTH TECH HOLDINGS,
INC.
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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EARTH TECH HOLDINGS
TAC,
INC.
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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[
Signature Page to Amendment No. 1 to the Purchase Agreement ]
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PURCHASER:
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AECOM TECHNOLOGY
CORPORATION
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By:
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/s/ Eric Chen
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Name:
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Eric Chen
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Its:
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Senior Vice President
Corporate Finance
and General Counsel
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[ Signature Page to Amendment No. 1 to the Purchase
Agreement ]
SCHEDULE A
CHINESE DBFO PROJECT PURCHASE PRICES
EXHIBIT A
EQUITY INTEREST TRANSFER AGREEMENT
BY AND BETWEEN
TYCO INTERNATIONAL HOLDINGS S.A.R.L.
AND
ET ACQUISITION COMPANY SRL
Dated
2008
EXHIBIT B
EQUITY
INTEREST TRANSFER AGREEMENT
BY AND BETWEEN
TYCO ASIA
INVESTMENTS LIMITED
AND
SINO FRENCH WATER
DEVELOPMENT (TIANJIN) COMPANY LIMITED
Dated
2008
EXHIBIT C
EQUITY
INTEREST TRANSFER AGREEMENT
BY
AND BETWEEN
TYCO ASIA INVESTMENTS
LIMITED
AND
SINO FRENCH WATER
DEVELOPMENT (TIANJIN) COMPANY LIMITED
Dated
2008
Exhibit 2.2
AMENDMENT NO. 2 TO
PURCHASE AGREEMENT
This Amendment No. 2 to Purchase Agreement (this Amendment),
dated as of July 25, 2008, is made and entered into by and among AECOM
Technology Corporation, a corporation organized under the laws of Delaware,
having its registered office at 555 South Flower Street, Suite 3700, Los
Angeles, California 90071 (Purchaser), on the one hand, and Tyco
International Finance S.A., a company organized under the laws of Luxembourg,
having its registered office at 29 Avenue de la Porte Neuve L2227 Luxembourg (TIFSA,
a Seller and Parent), and each of the Persons set forth on
the signature pages hereto, (each a Seller, and collectively with
Parent, the Sellers), on the other hand. Capitalized terms used herein and not
otherwise defined shall have the same meanings as set forth in the Agreement
(as defined below).
W I
T N E
S S E
T H
WHEREAS, the
parties hereto entered into that certain Purchase Agreement, dated February 11,
2008, as amended by that Amendment No. 1 to Purchase Agreement dated July 25,
2008 (collectively, the Agreement), pursuant to which Purchaser has
agreed to acquire the Business and the Purchased Assets;
WHEREAS, the
parties intend for the Closing to occur on July 25, 2008 (or sometime
thereafter), at which time, Purchaser will acquire substantially all of the
Business and all of the Purchased Assets;
WHEREAS, pursuant
to the Agreement, Purchaser has agreed to acquire all of the business
operations and activities conducted and/or owned, directly or indirectly, by
Tyco Tech Limited (Tyco Tech) in the United Kingdom (the UK
Business) through the purchase of all of the Equity Participations in Tyco
Tech (the Tyco Tech Target Shares);
WHEREAS, Tyco Tech
owns certain Equity Participations in the following DBFO projects (each a UK
DBFO and collectively, the UK DBFOs) (i) Aberdeen, (ii) Aquatrine,
and (iii) Dalriada;
WHEREAS, Purchaser
and Sellers desire to amend the Agreement to provide (i) that Purchaser
shall pay an amount equal to the Purchase Price allocated to the Tyco Tech
Target Shares at the Closing, (ii) the parties will endeavor to obtain the
UK Consents (as defined below) after the Closing and effect the transfer of the
Tyco Tech Target Shares promptly upon obtaining the UK Consents and (iii) for
the ongoing management and support to the UK Business after the Closing while
the parties obtain the UK Consents and, if applicable, following the
Reorganization (as defined below), until the sale of the Remaining Business (as
defined below);
WHEREAS, Section 15.7
of the Agreement provides that amendments may be made to the Agreement by
execution of an instrument in writing signed by each of Parent, the Sellers and
Purchaser; and
WHEREAS, the
parties hereto wish to amend the Agreement as set forth herein.
NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, the
receipt and sufficiency of which is hereby acknowledged, parties hereto agree
as follows:
A G
R E E D
The parties hereto hereby agree that notwithstanding
anything to the contrary in the Agreement:
1. UK Business.
(a) Delayed
Transfer of UK Business. Solely for
purposes of the Closing, Purchaser hereby agrees to proceed with Closing
notwithstanding that the conditions to Closing set forth in Section 10.2(h) of
the Agreement as they relate to obtaining any consents necessary to transfer
the economic benefit of the UK DBFOs (collectively, the UK Consents),
have not been obtained. For the
avoidance of doubt, such agreement (i) is not conditioned upon any
subsequent event, including without limitation, the consummation of the sales
of the Tyco Tech Target Shares and (ii) shall not relieve Parent of its
obligation to use commercially reasonable efforts to obtain the UK Consents.
(b) UK
Closing and UK Closing Date. The
closing of the transaction with respect to the purchase and sale of the UK
Business (other than in respect to the payment of the Purchase Price which
shall occur on the Closing), or in the event of the Reorganization, the Earth
Tech Limited Business (each as defined below), each of which shall be separate
from the Closing, shall in each instance, be defined as the UK Closing
and the date on which such UK Closing finally occurs shall be defined as the UK
Closing Date.
(c) Payment
of UK Purchase Price. Purchaser
shall be required to deliver to Sellers at the Closing the portion of the Base
Purchase Price that relates to the Tyco Tech Target Shares (as set forth on
Schedule A attached hereto) (the UK Purchase Price), which shall be
the consideration payable by the Purchaser (subject to adjustment as set out in
this Agreement) for either the Tyco Tech Shares, or the Earth Tech Limited
Business as defined in Section 1(h) below; and also subject to
adjustment as contemplated by Section 2.6 of the Agreement; provided, however,
that the Transaction Statement and Post-Closing Statement delivered by Parent
to Purchaser in connection with the Closing shall not reflect any cash, cash
equivalents or intracompany accounts receivable (evidencing amounts owed to the
UK Business by one or more affiliates under the Parent and Sellers cash
pooling arrangements) with respect to the UK Business (the UK Cash). For the avoidance of doubt, the Purchase
Price shall not be increased at the Closing (or pursuant to Section 2.6 of
the Agreement) to reflect the UK Cash on hand in the UK Business at
Closing. The UK Purchase Price will be
adjusted at the UK Closing to reflect final settlement of the UK Cash in
accordance with Section 1(d).
Parent estimates that the amount of UK Cash at Closing will be
approximately $30,000,000. On or before August 15,
2008, Parent shall deliver a final statement of the UK Cash as of the Closing
(the UK Cash Statement) to Purchaser setting forth the amount of UK
Cash as of the Closing. Purchaser shall
notify Parent of its acceptance or dispute of the UK Cash Statement within
thirty (30) days of Purchasers receipt of such statement. In the event of a dispute with respect to the
UK Cash Statement, the parties will resolve such dispute in accordance with the
Section 2.6(e) of the
2
Agreement. Subject to Section 3.2
of the Agreement, following the Closing and prior to the UK Closing, Seller and
Parent may distribute or transfer the UK Cash from the UK Business; provided that Seller and Parent shall be solely responsible
for any increased Tax liability incurred by the UK Business in paying or
otherwise transferring the UK Cash to Parent (or any of its Affiliates). To the extent any UK Cash remains in the UK
Business at the UK Closing, then promptly following the UK Closing, Purchaser
shall cooperate with Parent and Sellers to cause such remaining UK Cash to be
paid to Parent and Sellers (or any of its Affiliates) less the amount of any
Tax liability and expenses incurred by Purchaser or its Affiliates, including
the UK Business, in connection with effecting the payment to Parent and Sellers
(or any of its Affiliates) of the remaining UK Cash. Parent, Sellers and Purchaser shall cooperate
and consult with each other in good faith to cause the distribution of the
remaining UK Cash to Parent and Sellers (or any of its Affiliates) in such a
manner as to minimize any Tax liability.
Sellers shall indemnify Purchaser and its Affiliates against any
increased Tax liability and expenses (to the extent not taken into account in
the final distribution of the UK Cash) related to the final distribution of the
UK Cash.
(d) Adjustment
of the UK Purchase Price. In
addition to any adjustment to the UK Purchase Price pursuant to Section 2.6
of the Agreement (as modified by Section 1(c)), the UK Purchase
Price shall be further adjusted as follows: (i) to the extent Parent
and/or Seller makes any required capital contribution to the UK Business prior
to the UK Closing and makes such capital contribution, the UK Purchase Price
shall be increased by the amount of such contribution (or if any loan is
required to be made by Parent and/or Seller to the UK Business prior to the UK
Closing, such loan shall be on arms length basis and with reasonable terms and
the Purchaser shall repay or cause the repayment in full of such loan(s) on
the UK Closing (such repayment shall not adjust the UK Purchase Price)); and (ii) except
to the extent permitted under this Amendment, to the extent any cash or cash
equivalents in excess of the UK Cash are distributed or otherwise received by
Parent (or any of its Affiliates) or paid to or for any of their respective benefits
from the UK Business prior to the UK Closing, the UK Purchase Price shall be
reduced at the UK Closing by the amount of such excess (received by Parent or
any of its Affiliates) and any Taxes incurred by the UK Business in paying or
otherwise distributing the UK Cash to or for the benefit of Parent (or any of
its Affiliates); provided, however, that, after
the UK Closing, Parent shall indemnify Purchaser against all such Taxes to the
extent the UK Purchase Price has not previously been reduced with respect
thereto in accordance with Section 9.1(a) of the
Agreement. Prior to the UK Closing,
Parent and Sellers shall deliver to Purchaser a statement containing all items
affecting the adjustment to the UK Purchase Price as a result of the items
contained in Section 1(d)(i) and (ii) above (the Preliminary
UK Closing Statement). Within 30 days following the UK Closing, Parent and
Sellers shall deliver a final statement containing all items affecting the
adjustment to the UK Purchase Price as a result of the items contained in Section 1(d)(i) and
(ii) above (the Final UK Closing Statement). Purchaser shall notify Parent of its
acceptance or dispute of such within thirty (30) days of Purchasers receipt of
the Final UK Closing Statement. In the
event of a dispute with respect to the Final UK Closing Statement, the parties
will resolve such dispute in accordance with Section 2.6(e) of the
Agreement. Parent shall cause the
repayment of the loan to the shareholders with respect to the Aberdeen DBFO
prior to the UK Closing without any adjustment to the UK Purchase Price.
3
(e) UK
Business Working Capital. On the
Closing, and in accordance with Section 1(d)(i), Parent shall make a £5,000,000 revolving loan to Earth Tech
Engineering Limited and a £500,000 revolving loan to Tyco Tech to be used for
working capital.
(f) Share
Certificates. Sellers shall deliver
to Purchaser on the Closing Date a duly signed and completed stock transfer
form made out in favor of Purchaser or its nominee in respect of the Tyco Tech
Target Shares, together with the related share certificate(s), but such stock
transfer form shall be undated.
(g) Conditions
to UK Closing. Purchaser and Seller
shall use commercially reasonable efforts and shall cooperate with each other
to obtain the UK Consents and effect the transfer of the Tyco Tech Target
Shares at the UK Closing.
(h) Purchasers
Conditions to UK Closing. The
obligations of Purchaser to purchase the UK Business (or to the extent
applicable, the Earth Tech Limited Business) at the UK Closing shall be
conditioned upon the consummation, the fulfillment or waiver by Purchaser of
the conditions set forth in the following Sections of the Agreement as of the
UK Closing Date: Section 10.2(a) (solely
with respect to representations and warranties contained in Sections 4.1, 5.1,
5.2, 5.3, 5.10, 6.1 and 6.2 of the Agreement and solely as such representations
and warranties relate to the UK Business (or to the extent applicable, the
Earth Tech Limited Business, Tyco Tech and the Tyco Tech Target Shares)), Section 10.2(b) solely
with respect to the UK business or, to the extent applicable, the Earth Tech
Limited Business, Tyco Tech and the Tyco Tech Target Shares, Section 10.2(c) (with
such certificates dates as of the UK Closing Date and presented by the
applicable Seller with respect to the presentations and warranties contained in
Sections 4.1, 5.1, 5.2, 5.3, 5.10, 6.1 and 6.2 of the Agreement), Section 10.2(e) and,
Section 10.2(l) solely with respect to the UK Business, or to the
extent applicable, the Earth Tech Limited Business, Tyco Tech and the Tyco Tech
Target Shares. For the avoidance of
doubt, nothing herein shall be deemed to modify the condition set forth in Section 10.2(a) or
the definition of Material Adverse Effect as set forth in the Agreement. In the event that the foregoing conditions
are not consummated, fulfilled or waiver as of the UK Closing Date, and not
withstanding anything contained in this Amendment or in the Agreement to the
contrary, Purchaser shall be under no obligation to purchase the UK Business
(or to the extent applicable, the Earth Tech Limited Business) and Parent and
Sellers shall promptly refund to Purchaser the UK Purchase Price. Except as
expressly set forth in this Section 1(h), Purchaser shall not be
entitled to a refund of any portion of the UK Purchase Price.
(i) Reorganization
of Tyco Tech. If the UK Closing has
not occurred within six (6) months after the Closing, or at such earlier
time as agreed to by Parent and Purchaser (collectively, the UK
Reorganization Date):
(i) Sellers
shall use commercially reasonable efforts to procure the reorganization of Tyco
Tech and its Subsidiaries (the Reorganization) such that Purchaser
will be able to acquire Earth Tech Engineering Limited (Earth Tech Limited),
a wholly owned subsidiary of Tyco Tech, and any other portions of the UK
Business other than the UK DBFOs for which the UK Consents have not been
obtained. It is presently intended that
such Reorganization shall, unless the Purchaser elects otherwise, include the
transfer by Earth Tech Limited to Tyco Tech of all of its Equity Interests in,
and any receivables owing from, and the
4
settlement of any liabilities owing to, each of Brey Utilities Limited,
Brey Services Limited, Darlriada Water Holdings Limited, Dalriada Water Limited
and Dalriada Water Services Limited. The
portion of the UK Business purchased by Purchaser (without payment of any
additional consideration) following the Reorganization shall be referred to as
the Earth Tech Limited Business;
(ii) Sellers
will procure the delivery to Purchaser by Tyco Tech of a duly signed stock
transfer form in respect of the entire issued share capital of Earth Tech
Limited together with the related share certificate(s), made out in favor of
Purchaser or its nominee, or such other stock transfer forms and certificate(s) as
may be necessary to effect the purchase by Purchaser of the Earth Tech Limited
Business; and
(iii) Subject to Sellers having complied with their
obligations as set out in Section 1(i)(i) and Section 1(i)(ii),
Purchaser shall return to Sellers any stock transfer form or share certificates
delivered by Sellers to Purchaser in accordance with Section 1.1(d) and
Purchaser shall indemnify Sellers against any Tax liability imposed on Sellers
by the United Kingdom as the sole and direct result of implementing the
Reorganization. Without limiting the
Sellers obligations pursuant to any other provision of this Amendment, Sellers
and Purchaser shall cooperate and consult with each other in good faith to
implement the Reorganization in such a manner as to minimize any Tax liability
of the Sellers, including but not limited to Sellers provision to Purchaser of
information reasonably necessary for Purchaser to evaluate the Tax consequences
of the Reorganization to Purchaser and its Affiliates and Sellers, provided,
however, that in any event Purchaser may elect for Seller not to effect the
Reorganization if the estimated Tax cost to Purchaser and its Affiliates
(taking into account Purchasers indemnification obligations to Sellers in
respect of the first sentence of this Section 1(i)(iii) is
greater than US $5,000,000.
(iv) Following
the Reorganization and the acquisition of the Earth Tech Limited Business,
Seller shall use commercially reasonable efforts to cooperate with Purchaser to
effect a sale of the Remaining Business (being such part of the UK Business
that is not included in the Earth Tech Limited Business) following the
Reorganization and the proceeds of any such sale or sales, together with any
other distributions received by Parent or any of its Affiliates or paid to any
of their respective benefits from or relating to such part of the UK business
(but excluding Tax refunds relating to pre-Closing periods) shall be for the
account of, and paid to, Purchaser, and shall be treated as an adjustment to
the UK Purchase Price for tax purposes.
(j) Contingent
Obligations. Notwithstanding
anything contained in Section 8.8 of the Agreement or in the Guaranty
Indemnification Agreement (GIA) to the contrary, Parent and Sellers
agree that Purchasers obligation to (i) obtain the Replacement Letters of
Credit, Bank Guarantees and Surety Bonds related to the UK Business (or to the
extent applicable, the Earth Tech Limited Business) pursuant to Section 8.8(a)(1) of
the Agreement shall be as of at the UK Closing Date (and not as of the Closing
Date) (but the determination with respect to replacing such Letters of Credit,
Bank Guarantees and Surety Bonds shall be as of the Closing Date), (ii) use
commercially reasonable efforts to replace, terminate or cancel the Letters of
Credit, Bank Guarantees and Surety Bonds related to the UK Business (or to the
extent applicable, the Earth Tech Limited Business) pursuant to Section 8.8(a)(4) of
the Agreement
5
shall be as of the UK Closing Date (and not as of the Closing Date) and
(iii) use best efforts to obtain the release of Parent from the Parent
Guarantees related to the UK Business (or to the extent applicable, the Earth
Tech Limited Business) shall be as of at the UK Closing Date (and not as of the
Closing Date) (but the determination of Assumed Obligations and Retained
Obligations under the GIA shall be as of the Closing Date). For the avoidance of doubt, (i) this
provision only modifies the timing of performance for certain of Purchasers
obligations and (ii) all of Purchasers other obligations set forth in any
of Section 8.8 of the Agreement or in the GIA shall continue to apply in
all respects.
(k) Non-U.S.
Business Employees. Purchaser shall
not be required to employ any of the Business Employees who are employed by
Tyco Tech or any of its Subsidiaries and primarily work for the UK Business
(the UK Business Employees) until and commencing on the UK Closing
Date.
(l) Tax
Matters. The parties hereto agree
that references to the Closing or the Closing Date in ARTICLE IX of the
Agreement (Tax Matters) (and in the definitions of defined terms used therein)
shall, to the extent related to any portion of the UK Business, including the
Tyco Tech Target Shares, be deemed to refer to the UK Closing or UK Closing
Date, as the case may be, provided, however, that such references to the Closing
or the Closing Date shall (i) to the extent relating to the Earth Tech
Limited Business, be deemed to refer to the UK Closing relating to Purchasers
acquisition of the Earth Tech Limited Business and (ii) to the extent
relating to the Remaining Business and Sellers obligations under Article IX
of the Agreement, be deemed to refer to the closing of any sales contemplated
by Section 1(i)(iv); provided, however,
that to the extent any provision of ARTICLE IX of the Agreement (as it relates
to the UK Business) conflicts with the agreement of the parties as set forth in
this Amendment or in the Company Services Agreement relating thereto, the
provisions of this Amendment and the Company Services Agreement relating
thereto shall control.
(m) Further
Assurances. Notwithstanding anything
to the contrary herein, Sellers and Purchaser hereby covenant and agree to use
their respective commercially reasonable efforts to cause the UK Closing to
occur prior to the UK Reorganization Date, which shall include, without
limitation, diligently cooperating with, and assisting each other, to obtain
all of the UK Consents. In the event of
a Reorganization, then from and after the UK Reorganization Date, the parties
agree to use their commercially reasonable efforts, including without
limitation, to diligently cooperate with, and assist each other, to cause a
sale of the Remaining Business for the benefit of Purchaser and all such
proceeds from such sale(s) shall be paid directly to Purchaser.
(n) Designation
of Purchaser of UK Business.
Purchaser designates its Affiliate, AECOM UK Holdings Ltd., to purchase
the UK Business as provided in the Agreement and this Amendment.
(o) Tax
Treatment of Indemnification and Other Payments. All indemnification payments made under this
Amendment and the payment of any amounts under Section 1(i)(iv) shall
be treated as an adjustment to the UK Purchase Price for tax purposes.
6
(p) Elimination
of Intercompany Accounts. Prior to
the UK Closing, Parent shall use commercially reasonable efforts to cause each
intercompany account, other than with respect to accounts relating to the trade
of goods and services in the Ordinary Course, existing between Tyco Tech or its
Subsidiaries, on one hand, and Parent or any of its Affiliates, on the other
hand, to be eliminated by repayment, capital contribution, distribution,
creation of an intercompany loan, forgiveness, or any combination of the
foregoing, at Parents sole and absolute discretion; provided,
however, that no such action shall adversely prejudice Purchaser; provided, further, Parent shall be responsible for any Taxes
related to the elimination of the intercompany accounts and Parent shall
indemnify Purchaser and its Affiliates against all such Taxes.
2. Company Services Agreement. Prior to the Closing, Purchaser and Sellers
shall enter into a management services agreement with respect to the management
and operation of the UK Business, including the UK DBFOs, following the Closing
(the Company Services Agreement).
(a) The
Company Services Agreement shall provide that (i) the management of the UK
Business shall be provided by Purchaser, (ii) the benefits and obligations
under the Company Services Agreement shall bind Sellers, Purchaser and their
Subsidiaries and their successors and permitted assigns (provided that
Purchaser may assign its rights under any Company Services Agreement to Kelda
Water Services or its Affiliates without the consent of Sellers), and (iii) the
Company Services Agreement shall terminate on the UK Closing Date; provided, however, in the event of a
Reorganization the Company Services Agreement shall continue with respect to
the Remaining Business until the later of (A) the closing of the sale or
purchase of the Remaining Business to Purchaser or a third-party after the
necessary UK Consents are obtained or (B) the completion of termination of
the applicable Contract underlying each of the UK DBFOs not purchased at the UK
Closing.
(b) The
Company Services Agreement shall provide that between the Closing and the UK
Closing (i) Seller shall be responsible for funding any net cash
shortfalls of the operation of the UK Business, subject to the adjustment
contemplated by Section 1(d), and (ii) Purchaser shall be
responsible for directing, supervising, managing and evaluating the UK Business
Employees.
(c) The
Company Services Agreement shall provide that between the Closing and the UK
Closing (i) Sellers shall be responsible for funding any net cash shortfalls
of the operation of the UK Business, subject to the adjustment contemplated by Section 1(d) above,
by way of an arms length loan on reasonable commercial terms to Tyco Tech,
including providing that Sellers shall make a loan to Earth Tech Limited to
cover the cost of subscribing on 30 September 2008 for £7,667,500 of loan
notes to be issued by Dalriada Water Holdings Limited (the Dalriada Loan)
(provided, however, that any such funding shall increase the UK Purchase Price
and be paid to Seller by Purchaser at the UK Closing or to the extent
applicable, at the closing of the sale of the Remaining Business, in accordance
with Section 1(d)(ii)), (ii) Sellers shall use commercially
reasonable efforts to cause Tyco Tech and each of its Subsidiaries to continue
the employment of each of the UK Business Employees, (iii) with respect to
the operation of the UK Business, Sellers will use commercially reasonable
efforts not to, and will cause their Subsidiaries not to, unless otherwise
directed by Purchaser, take any action or fail to
7
take any action set forth in Section 8.1(b) of the Agreement
or that would be inconsistent with Section 8.1(a) of the Agreement, (iv) Sellers
shall provide for the necessary allocation of personnel, services and other
resources to the UK Business as reasonably requested by Purchaser for the
day-to-day operation of the UK Business, (v) except as contemplated by
this Amendment, Sellers shall not declare or pay distributions or dividends or
otherwise distribute any cash generated from the operation of the UK Business
from Tyco Tech or its Subsidiaries; provided, however,
that if any such outflows occur, they shall decrease the UK Purchase Price in
accordance with Section 1(d)(ii), and (vi) Seller will
maintain all insurance and normal employee benefit plans following the Closing
until the UK Closing, or to the extent applicable, the closing of the sale of
the Remaining Business.
(d) The
Company Services Agreement shall provide that in the event of a Reorganization,
the portion of the UK Business not purchased by Purchaser at the UK Closing
(the Remaining Business) (i) will continue to be managed by
Purchaser, (ii) will be conducted for the economic benefit of Purchaser, (iii) Purchaser
shall be responsible for funding any net cash shortfalls in the Remaining
Business and will promptly reimburse Seller for any cash put into the Remaining
Business and (iv) Purchaser shall be entitled to receive all cash
generated (and all amounts distributed with respect thereto, including upon any
liquidation, dissolution, winding up or refinancing) from the operation of the
Remaining Business and Parent and Seller will promptly turn over to Purchaser
any amounts Parent, Seller or their Affiliates receive with respect to the
Remaining Business, except for Tax refunds relating to pre-Closing periods.
(e) The
Company Services Agreement shall provide that if, from and after the Closing,
any parent guarantee is required from Parent or Sellers in respect of UK
Business, the parties shall work together to procure that such parent guarantee
is issued by Parent or an acceptable Affiliate and such parent guarantee shall
be replaced after the UK Closing or to the extent applicable, at the closing of
the sale of the Remaining Business; provided,
however that such guaranty shall
be an Assumed Obligation under the GIA and Sellers shall be indemnified by
Purchaser with respect to any such parent guarantee in accordance with Section 8.8
of the Agreement and the GIA.
(f) The
Company Services Agreement shall provide that, upon the UK Closing or to the
extent applicable, at the closing of the sale of the Remaining Business, the
Purchaser shall pay or otherwise reimburse Sellers for any Taxes, losses and
reasonable costs incurred by Sellers (including capital contributions) in
connection with their ownership of the UK Business (or the Remaining Business)
from the date of the Closing until the UK Closing (or following the
Reorganization, if any, with the subsequent sale of the Remaining Business) to
the extent not already reimbursed or paid for by Purchaser or taken into
account in calculating the UK Purchase Price, provided, however, that, for the
avoidance of doubt, Purchaser shall have no liability under this Section 2(f) for
any Tax, loss or cost to the extent such Tax, loss or cost would have been
incurred by Sellers if the UK Closing had occurred at the time of the Closing.
(g) Notwithstanding
any provision of this Agreement or the Company Services Agreement, nothing in
this Agreement or the Company Services Agreement shall give any beneficial
interest in the Tyco Tech Target Shares or any of its subsidiaries to AECOM
unless, until and to the extent UK Closing occurs. AECOM shall not be entitled to vote the Tyco
8
Tech Target Shares, nor shall it be entitled to replace any of the
directors on the board of any member of the Tyco Tech group of companies.
3. Hungary Restructuring.
The parties acknowledge and agree that (A) the receivable owing by
Tyco International Holding Sarl, Schaffhausen branch (the Branch) in the
approximate amount of HUF 363,236,820 plus accrued and unpaid interest through
the Closing; (B) the receivable owing by the Branch in the approximate
amount of EUR 959,679 plus accrued and unpaid interest through the Closing Date
and (C) the total amount of cash and cash equivalents, each as reflected
on the books of Earth Tech Magyarország Mérnöki Kft (the Hungarian Current
Assets) as of the Closing shall not be included in Estimated Closing
Working Capital on the Transaction Statement or the Post-Closing Statement and
therefore shall not be included in the Purchase Price at Closing (or taken into
account for purposes of any adjustment pursuant to Section 2.6 of the
Agreement). Promptly following the
Closing, Purchaser shall effect a restructuring of Earth Tech Magyarország Kft (the Hungary
Restructuring) and shall cause the payment to Sellers of an amount equal
to (i) the Hungarian Current Assets minus (ii) (x) any Taxes
incurred by Purchaser, its Affiliates or any Purchased Company or its
Subsidiaries in connection with Hungary Restructuring and such payment of the
Hungarian Current Assets and (y) any other expenses reasonably incurred by
Purchaser to effect the Hungary Restructuring and such payment of the Hungarian
Current Assets (collectively, the Net Hungarian Current Assets). Sellers shall cooperate with and assist
Purchaser with the Hungary Restructuring and shall indemnify Purchaser and its
Affiliates, including any Purchased Company or its Subsidiaries, against any
amounts described in (y) of the preceding sentence to the extent not taken
into account in determining the Net Hungarian Current Assets, including all
fees and expenses of Eversheds and Price Waterhouse Coopers incurred in
connection therewith. Sellers and Purchaser shall cooperate and consult with
each other in good faith to implement the Hungary Restructuring in such a
manner as to minimize any Tax liability of the Sellers, including but not
limited to Sellers provision to Purchaser of information reasonably necessary
for Purchaser to evaluate the Tax consequences of the Hungary Restructuring to
Purchaser and its Affiliates and Sellers.
4. Mexican Restructuring. Prior to the Closing, Sellers shall effect a
restructuring of the Mexican entities in accordance with Schedule B attached
hereto (the Mexican Restructuring).
Upon the consummation of the Mexican Restructuring, neither Purchaser
nor Seller shall have any further obligation or Liability to the other with
respect to the transactions contemplated by the Mexican Restructuring,
including, without limitation, any Taxes due and owing as a result of the
Mexican Restructuring.
5. Melbourne, Australia Lease
Consent. Purchaser hereby agrees to proceed with
Closing notwithstanding that the condition to Closing set forth in Section 10.2(h) of
the Agreement as it relates to obtaining any consents necessary to transfer the
lease with respect to the Leased Real Property located at 71 Queens Road, 2, 4,
5, 6, Melbourne, Victoria, Australia may not have been obtained.
6. Working Capital. ARTICLE V of the Agreement is hereby amended
by adding a new Section 5.20 as follows:
9
The cash and cash equivalents included in the Closing
Working Capital will have been generated by the Business in the Ordinary
Course.
7. Full Force and Effect. Except as expressly amended or modified
hereby, each term, provision, Exhibit and Schedule of the Agreement (i) is
hereby ratified and confirmed, (ii) is hereby incorporated herein and (iii) will
and does remain in full force and effect.
8. Governing Law. This Amendment will be governed by, and
construed in accordance with, the Laws the state of New York, without regard to
the principles of choice of Law or conflicts or Law of any jurisdiction.
9. Severability. If any term or other provision of this
Amendment is held invalid, illegal or incapable of being enforced by any rule of
Law or public policy, all other terms and provisions of this Amendment will
nevertheless remain in full force and effect and there shall be deemed
substituted for the provision at issue a valid, legal and enforceable provision
that effects the original intent of the parties as closely as possible in order
that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.
10. Modification. This Amendment may not be altered, amended or
modified in any way except by writing signed by all parties hereto. Waiver of any term or provision of this
Amendment or forbearance to enforce any term or provision by any party shall
not constitute a waiver as to any subsequent breach or failure of the same term
or provision or a waiver of any other term or provision of this Amendment.
11. Counterparts. This Amendment may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts,
each of which will be deemed to be an original copy of this Amendment and all of
which, when taken together, will be deemed to constitute one and the same
agreement. The exchange of copies of
this Amendment and of signature pages by facsimile or electronic mail
transmission shall constitute effective execution and delivery of this Amendment
as to the parties hereto and may be used in lieu of the original Amendment for
all purposes.
[SIGNATURE PAGE(S) FOLLOW]
10
IN WITNESS WHEREOF, Parent, Sellers and Purchaser have
caused this Amendment No. 2 to Purchase Agreement to be executed as of the
date first written above by their respective duly authorized representatives.
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PARENT:
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TYCO INTERNATIONAL
FINANCE S.A.
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By:
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/s/ Enrica Maccarini
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Name:
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Enrica Maccarini
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Its:
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Managing Director
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SELLERS:
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STRALEN INVESTMENTS
LIMITED
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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TYCO INTERNATIONAL
HOLDING
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S.a.r.l.
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By:
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/s/ Enrica Maccarini
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Name:
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Enrica Maccarini
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Its:
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General Manager
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TYCO HOLDING XI
(DENMARK) ApS
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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TYCO ASIA INVESTMENTS
LIMITED
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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[ Signature Page to
Amendment No. 2 to Purchase Agreement ]
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KEYSTONE FRANCE
HOLDINGS CORP.
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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TYCO SERVICES MALAYSIA
SDN.
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BHD.
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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EARTH TECH DEUTSCHLAND
GMBH
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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EARTH TECH UMWELTTECHNIK
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GMBH
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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EARTH TECH KLARTECHNIK
GMBH
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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EARTH TECH ENGINEERING
Pty
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LIMITED
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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[ Signature Page to
Amendment No. 2 to Purchase Agreement ]
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EARTH TECH HOLDINGS,
INC.
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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EARTH TECH HOLDINGS
TAC, INC.
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By:
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/s/ Mark P. Armstrong
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Name:
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Mark P. Armstrong
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Its:
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Authorized Signatory
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PURCHASER:
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AECOM TECHNOLOGY
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CORPORATION
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By:
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/s/ Eric Chen
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Name:
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Eric Chen
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Its:
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Senior Vice President
Corporate
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Finance and General
Counsel
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[ Signature Page to
Amendment No. 2 to Purchase Agreement ]
SCHEDULE A
TYCO TECH BASE PURCHASE PRICE
ALLOCATION
SCHEDULE B
MEXICAN RESTRUCTURING
Exhibit 99.1
News
Release
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Contact:
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Paul Gennaro
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SVP & Chief Communications Officer
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212.973.3167
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paul.gennaro@aecom.com
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For immediate release
NR 08-0703
AECOM
completes acquisition of Earth Tech
Two
world-class professional technical companies combine
LOS ANGELES (July 28, 2008) AECOM Technology Corporation (NYSE: ACM),
a leading provider of professional technical and management support services
for government and commercial clients around the world, announced today that it
has completed its acquisition of Earth Tech, Inc., a business unit of Tyco
International Ltd. (NYSE: TYC).
Earth
Tech provides consulting, engineering and design, build and operate (DBO)
services to waste/wastewater, environmental, transportation and facilities clients
globally.
With
the acquisition of Earth Tech, AECOM increases its global presence,
particularly in the Americas, Europe, Australia and Asia. AECOM also
significantly strengthens its water and wastewater business, while augmenting
its leadership position in the environmental, facilities and transportation sectors.
We
are delighted to welcome Earth Tech into the AECOM family, said John M.
Dionisio, AECOM president and chief executive officer. This transaction, which expands our
workforce to more than 40,000 professionals around the world, enhances our
ability to take advantage of the growing business opportunities that exist in
our global end markets. We expect this
transaction to benefit our clients, employees, and shareholders.
AECOM
has also completed the divestiture of certain Earth Tech businesses that do not
align with its strategic plans and core businesses. Concurrent with the close of the purchase of
Earth Tech, AECOM divested Earth Techs Water & Power Technologies
(WPT) and North American Contract Operations (NACO) businesses and its Mexican
operations.
The
value of the divested WPT, NACO and Mexico assets noted above, along with the
value of certain assets that have been carved out of the sale transaction with
Tyco, represent a total of $175 million of the original $510 million
transaction value. There remains
approximately $50 to $60 million of assets that will be held for sale by AECOM until
sale documentation is finalized, all required consents are received and the
transactions can be closed.
more
2-2-2
About AECOM
AECOM
(NYSE: ACM) is a global provider of professional technical and management
support services to a broad range of markets, including transportation,
facilities, environmental and energy.
With more than 40,000 employees around the world, AECOM is a leader in
all of the key markets that it serves.
AECOM provides a blend of global reach, local knowledge, innovation, and
technical excellence in delivering solutions that enhance and sustain the worlds
built, natural, and social environments.
AECOM serves clients in more than 100 countries and had revenue of more
than $4.5 billion during the 12-month period ended March 31, 2008. More information on AECOM and its services
can be found at www.aecom.com.
Forward-Looking
Statements: All statements in this press
release other than statements of historical fact are forward-looking
statements for purposes of federal and state securities laws, including any
statements of the plans, strategies and objectives for future operations,
including but not limited to contemplated divestitures and associated values,
and any statements regarding future economic conditions or performance. Actual results could differ materially from
those projected or assumed in any of our forward-looking statements. Important factors that could cause actual
results to differ materially from our forward-looking statements are set forth
in our quarterly report on Form 10-Q for the fiscal quarter ended March 31,
2008, and our other reports filed with the U.S. Securities and Exchange
Commission. AECOM does not intend, and undertakes no obligation, to update any
forward-looking statement.
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