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Friday, September 18, 2009

Balfour Beatty to buy Parsons Brinckerhoff

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Contracting giant Balfour Beatty said it has reached an accord to purchase consultant Parsons Brinckerhoff for approximately $618 million, U.K. media report. The agreement is subject to approval by the shareholders of both companies.

Chairman of the Board of PB, James L. Lammie told staff: "Balfour Beatty has agreed that Parsons Brinckerhoff will retain its name and organizational structure and operate as an independent but wholly-owned subsidiary.  We believe this will allow us to continue to meet our clients' needs in ways they expect while expanding into new areas that will provide additional opportunities for our employees."

The move will significantly enhance the contractor's US presence and develop the firm's professional services business.

Balfour said in its statement: "The Board believes that the Enlarged Group will have enhanced long-term growth potential through its leading position in the international markets for infrastructure services and from increased infrastructure spending in both developed and emerging markets.

"Adding Parsons Brinckerhoff's successful and well-established international professional services business to Balfour Beatty's very significant construction, existing professional services and investment businesses will create a group with significantly enhanced capabilities to address the needs of key infrastructure customers internationally.

Andrew Wolstenholme will manage the integration of consultant Parsons Brinckerhoff into Balfour Beatty.

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