Thursday, September 17, 2009

Balfour set to buy Parsons Brinckerhoff for £380m

Balfour Beatty is to buy Parsons Brinckerhoff for ВЈ380m.

The news follows an announcement earlier this morning that Balfour was set to tap investors through a ВЈ353m rights issue to pay for an acquisition.

Parsons Brinckerhoff is an US-based firm focused on infrastructure. It has a network of over 100 offices and over 12,500 employees and a revenue ВЈ1.42bn.

Balfour said that the move would give it a "leading position" in the US civils market allow it to create a global professional services group with over 14,000 employees.

Commenting on the acquisition today, Balfour Beatty chief executive Ian Tyler said:

"The acquisition of Parsons Brinckerhoff represents the realisation of a number of key strategic objectives for Balfour Beatty. In particular, we believe it makes us one of the world's major players in professional services, substantially strengthens our US presence and puts Balfour Beatty in an excellent position to take advantage of increased infrastructure spending.  It is a key step in becoming a global integrated leader in infrastructure services."


Balfour set to buy Parsons Brinckerhoff for £380m


Keith Hawksworth, chief executive officer of Parsons Brinckerhoff, said

"We are delighted to be joining the Balfour Beatty Group. We believe there is a clear fit between our two closely-aligned companies. We are very enthusiastic about what we see as the enormous potential that can be realised by working together in the future."

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