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MEDIA RELEASE

PA Consulting completes investment from Jacobs

PA shareholders welcome a strategic investment from Jacobs: Creating more opportunities for our clients and people

London, UK, 3 March 2021: PA Consulting (PA), the consultancy that’s Bringing Ingenuity to Life, and Jacobs (NYSE: J) today announce the successful completion of Jacobs’ strategic investment in PA.

Jacobs joins PA’s own people as investors in the firm, and will support its growth plans, enabling PA to work with even more organisations around the world to unlock the power of ingenuity to build a positive human future. Continued share ownership by PA employees is a key feature of the transaction.

Jacobs’ investment completes following PA shareholders voting 99.9% in favour of the transaction and a UK Court approval process that became effective on 2 March 2021. Voluntary election for management rollover was fully subscribed, indicating the enthusiasm and commitment of PA partners and employees about the growth opportunity. The transaction values PA at £1.825 billion.

The completion means that the current institutional investor, The Carlyle Group, will exit its stake in PA, bringing a successful five-year investment period to a close, which saw EBITDA more than doubling over the period of Carlyle’s investment and compound annual revenue growth of 12% since 2016.

Since our founding in 1943, the story of PA has been one of ingenuity. Working with a wide range of clients – from start-ups with a promising idea to change the world to some of the most important global companies and organisations – to find innovative ways to be faster and nimbler, to create the successful products and services that grow businesses, delight customers, serve citizens, and improve the health of the planet.

PA and Jacobs intend to find opportunities to partner together in the marketplace, bringing its complementary capabilities together to further strengthen the ability of our teams to deliver ingenious solutions for clients.

Ken Toombs, CEO of PA Consulting, said: “The completion of Jacobs’ investment marks the beginning of an exciting new chapter for PA. Jacobs’ culture, values and client base are closely aligned to our own, making them a natural marketplace partner. Its complementary capabilities will further strengthen our ability to deliver innovative solutions for our clients. The overwhelming support of PA shareholders for the transaction is a testament to the great potential we all see in this partnership. We would also like to thank Carlyle for the strong partnership and support over the past five years, which has helped PA grow significantly.”

Jacobs Chair and CEO Steve Demetriou said: “This strategic partnership accelerates our strategy to become a leader in bringing greater innovation and creativity to respond to current-day challenges such as climate change, cyber, urbanization and the ongoing healthcare crisis. PA has delivered strong growth over the last five years and together our organizations will set a new industry benchmark in differentiated solutions that deliver superior end-to-end value for Jacobs and PA clients, employees and investors.”

Fraser Robson, a Managing Director in the Carlyle Europe Partners advisory team said: “We are proud of our work with PA and what we have achieved together. The business has demonstrated strong growth through a focus on people, innovation, and strategic acquisitions to reinforce PA’s end-to-end innovation capabilities. We wish PA well and look forward to watching the company continue to thrive.”

Jacobs completed the deal on 2 March 2021 in accordance with the terms announced on 30 November 2020. The transaction was funded through a combination of cash on hand and existing debt facilities.

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