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Balfour Beatty, Parsons in $626M Deal

NEW YORK CITY-The locally based transportation engineering group will operate as an independent but wholly owned subsidiary of the UK conglomerate.

By Paul Bubny | Updated on September 17, 2009

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.

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