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Balfour Beatty Buys PB for $626 Million

Publication Date: 9/23/2009
Author: Debra K. Rubin and Peter Reina
Format: HTML

Description:
Balfour Beatty plc, the U.K.-based global construction giant, announced on Sept. 17 it would acquire U.S. engineering stalwart Parsons Brinckerhoff for $626 million. The deal, which officials say would keep the 13,000-employee PB intact as a wholly owned subsidiary, is still subject to approval by shareholders of both firms. The acquisition, to be financed mainly by Balfour Beatty selling its own shares to existing investors, is to be completed late next month. About 4,700 PB shareholders will vote on the proposed purchase on Oct. 21.

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