Global engineering firm Jacobs Engineering Group Inc. (NYSE: JEC) has decided to buy one of its rivals — Denver-based CH2M HILL Companies Ltd. — in a deal valued at $3.27 billion, which will give the Dallas-based firm a much-needed foothold in the United Kingdom.

The deal comes on the heels of rumors circulating that Jacobs was considering the acquisition, but was also weighing some of CH2M’s outstanding liabilities. In the deal, Jacobs will acquire all the outstanding shares of CH2M in a cash and stock deal valued at $3.27 billion, which includes about $416 million of debt.

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