US-based CH2M Hill is set to acquire the UK-based Halcrow group for about £124m ($194m).

The two firms have entered into negotiations, which will see CH2M Hill acquire 100 per cent of the share capital of Halcrow Holdings. The acquisition will require approval from Halcrow’s shareholders and the UK high court.

The deal is expected to close in November, Halcrow said in an announcement on 26 September.

“The board’s decision to approach CH2M HILL to discuss the sale of Halcrow is the culmination of a business relationship going back many years. We have worked together on many occasions and have become very much aware of each other’s strengths and working practices,’’ said Peter Gammie, chief executive officer of Halcrow in a statement made on 26 September.