UK-based AMEC is buying Foster Wheeler. If completed, AMEC will become a major player in the Middle East oil and gas engineering market.

Foster Wheeler’s board recently agreed to UK engineering firm AMEC’s proposal to acquire the engineering firm for $3.2bn in cash and stock. Foster Wheeler shareholders will be given a 23% stake in AMEC after the deal is completed.

In acquiring Switzerland-registered Foster Wheeler, AMEC will pick up business across the globe –...