Balfour Beatty plc, the U.K.-based global construction giant, announced on Sept. 17 it would acquire U.S. engineering stalwart Parsons Brinckerhoff, New York City, for $626 million. The deal, which officials say would keep 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 due for completion late next month. About 5,000 PB shareholders will vote on Oct. 21.