Balfour Beatty to buy Parsons Brinckerhoff
By Chris Sleight17 September 2009
Balfour Beatty has announced it is to buy US-based engineering consultant and project manager Parsons Brinckerhoff for US$ 626 million. The acquisition is expected to be financed by a share issue.
Parsons Brinckerhoff has 12000 staff and is active in the building, environment, energy, transport and telecommunications sector. It has annual revenues of more than US$ 2 billion.
Parsons Brinckerhoff CEO Keith J. Hawksworth said, "We have for some time sought a strategic partner that complements the services we provide which would assist us in our on-going global expansion."
Chairman James L. Lammie added, "Balfour Beatty has agreed that Parsons Brinckerhoff will retain its name and organisational structure and operate as an independent but wholly-owned subsidiary."
Balfour Beatty chief Executive Ian Tyler confirmed, "Clients are absolutely the centre of what we do. I'm very excited about bringing the two organisations together. Above all though, I'm absolutely clear that we need to maintain the brand, the values, the culture and the processes of Parsons Brinckerhoff as a complete entity.
"We share Keith's ambition of developing an organisation with genuine global reach across the whole spectrum of infrastructure investment, development and particularly the creation and care of essential assets."
Parsons Brinckerhoff is employee-owned. A shareholders meeting will be held on 21 October to vote on the merger proposal.