Parsons Brinckerhoff (PB) has agreed to be acquired by Balfour Beatty, pending a shareholder vote next month.
Keith Hawksworth, PB Inc CEO, announced today that the company’s board of directors and executive committee are recommending to shareholders to approve the acquisition of PB by the London-based infrastructure firm Balfour Beatty plc for $626 million.
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. Balfour Beatty shares our values, our culture and our commitment to professionalism, integrity and technical excellence – principles that have guided us for nearly 125 years and Balfour Beatty for the last century.”
The PB Shareholders’ Meeting will take place on October 21st. The acquisition must be approved by the shareholders of both organizations.
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