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