AMEC acquires Qedi in £33m deal

Aberdeen-based oil and gas services firm Qedi has been taken over by the project management company AMEC.

The deal is worth £33m with £29m paid immediately and the £4m balance due within two years.

Qedi employs more than 350 people and works for companies based in the UK and abroad.

AMEC said the deal would provide it with technical expertise while Qedi said it would have greater access to global markets.

Stuart McLeod, managing director of Qedi, said: "I am delighted with this acquisition.

"It allows us to gain access to AMEC's global networks and customer relationships, retain our independent position and cement our market-leading position."

He added: "We are already working with AMEC on a number of projects, which has made clear what a great opportunity this is for Qedi, AMEC and our combined customer portfolio."