Parsons Brinckerhoff (PB) has recommended its shareholders approve the company’s acquisition by Balfour Beatty plc for $US626 million ($A715 million).
PB Australia Pacific Managing Director Dr Jim Mantle said management is enthusiastic about the proposed acquisition.
“If the acquisition goes ahead, PB will operate as an independent, but wholly-owned subsidiary of Balfour Beatty.”
Dr Mantle said that the company’s acquisition allows PB to “gain a strategic partner that complements our services”.
“PB will continue to serve our clients in the broadest array of professional services, as well as continuing to work with our existing contractor partners.
“This is a positive move for PB “Ó we will retain our operations in the region, along with our name, organisational structure and culture.
“On a global scale it will assist us with our ongoing expansion,” said Dr Mantle.
The PB shareholders’ meeting will take place on 21 October 2009. The agreement is subject to approval of the shareholders of each company.
In 2008, PB achieved revenues of $US2.34 billion ($A2.68 billion) and has approximately 13,000 employees in over 100 offices worldwide. The publicly traded Balfour Beatty has approximately 40,000 employees and last year had revenues of approximately $US16 billion ($A18.3 billion).