X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Locally based transportation engineering group Parsons Brinckerhoff is being acquired by UK infrastructure conglomerate Balfour Beatty plc. The $626-million deal is pending approval by both shareholders of both companies.

“We have for some time sought a strategic partner that complements the services we provide which would assist us in our on-going global expansion,” PB CEO Keith Hawksworth says in a statement. “Balfour Beatty shares our values, our culture and our commitment to professionalism, integrity and technical excellence—principles that have guided us for nearly 125 years and Balfour Beatty for the last century.”

According to a release, PB will retain its name and organizational structure and operate as an independent but wholly owned subsidiary. The release also states that PB’s current clients will see no changes in project managers, technical staff and/or executive leadership.

In 2008, PB had revenues of $2.34 billion and approximately 13,000 employees in over 100 offices worldwide. London-based Balfour Beatty has approximately 40,000 employees and last year had revenues of approximately $15 billion.

Balfour Beatty already has a substantial US presence, headquartered in Dallas. Most recently, it acquired the military housing operations of GMH Communities Trust in 2008 for $350 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.