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Thursday, 17 September 2009

Balfour Beatty is to buy Parsons Brinckerhoff for £380m

Balfour Beatty, thr construction giant, has announced its intention to buy Parsons Brinckerhoff for £380million. Parsons Brinckerhoff is an US-based firm focused on infrastructure. It has a network of over 100 offices and over 12,500 employees and a revenue £1.42billion.

Balfour said that the move would allow it to create a global professional services group with over 14,000 employees. Balfour Beatty chief executive Ian Tyler said:"The acquisition of Parsons Brinckerhoff represents the realisation of a number of key strategic objectives for Balfour Beatty. In particular, we believe it makes us one of the world's major players in professional services, substantially strengthens our US presence and puts Balfour Beatty in an excellent position to take advantage of increased infrastructure spending. It is a key step in becoming a global integrated leader in infrastructure services."

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