Balfour Beatty plc, the U.K.-based global construction giant, announced Sept. 17 that it would acquire US engineering stalwart Parsons Brinckerhoff, New York City, for $626 million. The deal, which officials say would keep 13,000-employee PB in tact 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 owns shares to existing investors, is due for completion late next month. PB’s 75 shareholders are set to vote on it Oct. 21.