Dive Brief:
- WSP Global, a Montral-based design and engineering firm, announced plans to buy Balfour Beatty-owned Parsons Brinckerhoff.
- The deal has been approved by the boards of both WSP and Balfour Beatty, but still needs to be approved by antitrust regulators and Balfour shareholders.
- Parsons is expected to sell for $1.35 billion, and the deal is expected to close in the fourth quarter.
Dive Insight:
Balfour Beatty has been trying to sell off Parsons for some time, and was a major reason the proposed merger between Balfour and Carillion fell through—Carillion wanted to keep Parsons around. WSP's acquisition of Parsons will create a firm of more than 30,000 employees with 300 offices in 30 countries. Balfour Beatty said proceeds from the deal will go to shareholders, and reducing the pension-fund deficit.