Parsons Brinckerhoff sold to WSP Global of Canada

New York-based consultancy Parsons Brinckerhoff  has been sold by it British owner Balfour Beatty to WSP Global for $1.35bn.

The deal, which assumes the retention of $110 million by Parsons Brinckerhoff, is expected to close in the fourth quarter.

Montreal-based WSP Global expects the acquisition will increase its presence in the US and position the company as a player in the U.S. transportation segment.

The deal also will build on WSP Global’s position in the U.K., and provide a stronger presence in growth regions such as Asia and Australia. The transaction also will expand its capabilities in its core buildings and infrastructure segment, as well as develop the energy segment and further increase its project- and program-management-services offerings.

WSP Global expects the combination to generate annual cost savings of about $25 million over two years. The company expects the deal will give an immediate boost in the mid-single digits to per-share earnings.

Balfour Beatty said plans for proceeds from the deal include returning as much as $329 million to shareholders, and targets $140m (£85m) toward reducing its pension-fund deficit.

Balfour Executive chairman Steve Marshall said the sale follows a re-evaluation of the company’s portfolio to focus on its core construction and infrastructure businesses.

Balfour Beatty acquired Parsons Brinckerhoff in September 2009 for $828m.

Source

(Visited 86 times, 1 visits today)

Get involved

Register

As a member of this site you will be able to receive aggregates news relating only to those categories that are most relevant to you, submit job listings for FREE, post questions in the Q&A, and more.

Register Now

Feature your company

The Feature Your Company listing is your custom-made (by us) profile page that allows you to add any of the following content: text, videos, links, images. The page will also be listed on the Featured Company landing page. Over 560 unique aggregates users visit the site per day! Complete the enquiry form now to contact us.

Contact us

Jobs

Are you looking for an aggregate related job? Click here to see our jobs listing supplied by industry experts United Employment.

See Jobs

Advertise

Reach thousands of budget holders and decision makers by promoting your company on the longest established aggregate website in the US & Canada. Or advertise in our emails which are sent to opted-in subscribers according to their chosen categories. All advertising will display correctly on tablets and mobiles as this site is responsive.