Jacobs agreed on 5 January 2026 to buy the remaining stake in PA Consulting that it did not already own, for upfront consideration of about £1.216bn ($1.6bn).
Why Jacobs Solutions Inc. is buying PA Consulting (remaining stake)
Jacobs said full ownership would give it an offering across the whole asset lifecycle, deepen its presence in advanced manufacturing, life sciences and critical infrastructure, expand AI and advisory work and simplify governance. It expected the deal to lift margins and be accretive to adjusted earnings per share within 12 months of closing.
Deal terms and financing
The upfront payment is 80% cash and 20% Jacobs shares, with a further £75m deferred. The price values 100% of PA, which has about 4,000 staff, at roughly £3.05bn, or 13.0 times expected calendar 2025 adjusted EBITDA before synergies and 12.3 times including them.
Regulatory approvals and timing
The transaction was implemented mainly through a UK scheme of arrangement requiring PA shareholder and court approval. Jacobs completed it on 20 March 2026, according to PA Consulting.
Market context
Jacobs has been invested in PA Consulting since March 2021; PA chief executive Christian Norris said the combination would let the firms tackle a wider range of client challenges.
