Arcadis buys EC Harris

Engineering firm Arcadis has said it will buy EC Harris, an international built asset consultancy. The international design, consulting, engineering and management services company said it would issue 3m shares to EC Harris partners and pay an undisclosed cash amount from existing credit facilities. SNS Securities analysts estimated the acquisition price to be between €108m and €144m. The company, which also cut its outlook for 2011 earnings yesterday, has been looking for opportunities away from the struggling Benelux market, looking to tap strong growth in Asia and South America.