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. Photo: Massachusetts Turnpike Authority PB Signature Projects include Boston’s $15-billion Central Artery/Tunnel. Photo: Trevor Rayton,
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.