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Atkins鈥� management has recommended SNC Lavalin鈥檚 2,080p a share offer for the company, valuing the project management group at around 拢2.1bn.

The deal, which both firms anticipate will complete by the end of the third quarter 2017, will see the departure of Atkins鈥� chief executive Uwe Krueger (pictured), who will be replaced by Heath Drewett, Atkins鈥� current finance chief.

Drewett will report to SNC Lavalin鈥檚 board, running Atkins as a separate group within the Canadian firm.

The 2,080p price represented a 35% premium to Atkins鈥� share price on 31 March, the day before SNC Lavalin tabled its offer, and 9.8 times its Ebitda.

The tie-up will create a 53,050-strong global firm with revenue close to 拢7bn. Cost benefits from the deal are expected to be in the region of 拢69.5m (C$120m), the firms said.

In a statement Atkins鈥� chairman Allan Cook said the offer from SNC-Lavalin represented 鈥渢he high quality of the business, its people and its future prospects鈥�.

He added: 鈥淭he board of Atkins believes that a combination will provide clear benefits to our shareholders, enhanced opportunities for our employees as part of a larger group, and a broader service offering for our customers.鈥�

Neil Bruce, SNC Lavalin鈥檚 president and chief executive, said the acquisition was 鈥渇ully aligned with our growth strategy, creating a global fully integrated professional services and project management company鈥�.

SNC Lavalin, which has agreed in the event of the deal being scrapped to pay Atkins 拢50m, said it believed the acquisition would be earnings enhancing immediately.

In a trading update published earlier this month Atkins said it was on track for good results for the financial year to March 2017.

The consultant, which generates around half of its 拢1.9bn revenue outside the UK, said it was continuing to benefit from the weaker pound, which was inflating profits converted from overseas.

Atkins said its major markets in the UK and North America has shown 鈥済ood progress鈥� over the full year, while market conditions in the Middle East and Asia Pacific were 鈥渂roadly unchanged鈥�. In energy, the firm said it was 鈥渆ncouraged by the early signs of stabilisation in the oil and gas market鈥�.