The deal, which will reportedly double the size of Australia-based professional services company WorleyParsons, will in turn allow Jacobs to turn its focus to its higher-growth, higher-margin lines of business: aerospace, technology, environmental and nuclear (ATEN); and buildings, infrastructure and advanced facilities (BIAF).

It will also reduce its cyclicality, the Dallas, US-headquartered services firm said.

"For Jacobs, this transaction marks an inflection point in our portfolio transformation focused on more consistent, higher-margin growth as a leader solving the world's critical challenges," chairman and CEO Steve Demetriou said.

The boards for both Jacobs and WorleyParsons have approved the transaction, which is expected to close in the first half of 2019 pending the receipt of regulatory approvals.