Balfour Beatty to Acquire Parsons Brinckerhoff, One of the World`s Leading Professional Services Companies, for $626 Million
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LONDON--(Business Wire)-- Balfour Beatty, the international engineering, construction, investment and services group, has agreed to acquire Parsons Brinckerhoff for $626 million. Parsons Brinckerhoff is one of the world`s leading professional services companies. In their fiscal year ended October 31, 2008, the company had worldwide revenues of just over $2.3 billion. Employee-owned Parsons Brinckerhoff is headquartered in New York, with a network of over 100 offices, and has approximately 12,650 employees. Prior to closing, the acquisition will need to be approved by the shareholders of both organizations. Balfour Beatty believes that the combination of Balfour Beatty and Parsons Brinckerhoff, two highly complementary businesses, both geographically and in terms of market sector areas of expertise, will be a major step forward in accomplishing a number of Balfour Beatty`s objectives by: * establishing a global professional services business of scale; * creating a leading position in U.S. civil infrastructure, particularly in the transportation sector; * and, enhancing its global reach. Ian Tyler, chief executive of Balfour Beatty plc, said today: "The acquisition of Parsons Brinckerhoff represents the realization 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 strengthening our U.S. presence, while complementing our current U.S. business." Keith Hawksworth, chief executive officer for Parsons Brinckerhoff, shared: "We are delighted to be joining the Balfour Beatty group.We believe there is a clear fit between our two closely-aligned companies and are very enthusiastic about the enormous potential that can be realized by working together in the future." Balfour Beatty has a strong, diverse presence in the United States through Balfour Beatty Construction (building and commercial construction), Heery International (design, engineering, program and project management, and construction management at risk), Balfour Beatty Infrastructure (civil engineering and construction), Balfour Beatty Rail and Balfour Beatty Communities (privatized military housing). It had U.S. revenues of over $4 billion in the year ended December 31, 2008 and has over 5,000 professional employees across the U.S. Notes to Editors: 1. Balfour Beatty is an international engineering and construction services (including facilities management), professional services and investment group, offering customers a wide range of capabilities across infrastructure markets. Balfour Beatty`s U.S. operations accounted for around 30% of its revenue for the half-year ended June 27 2009, from: * Balfour Beatty Construction U.S. is a leading builder in the U.S. with regional businesses based in Texas, Florida, North Carolina, and Washington D.C. The company provides preconstruction and construction management, design-build and general contracting services to customers in both the public and private sectors. * Heery International provides design, engineering, program and project management, and construction management at risk services to government and private sector customers, particularly in the education, military, and federal government sectors. * Balfour Beatty Infrastructure Inc. provides heavy civil engineering and construction expertise for transportation and water and wastewater infrastructure projects throughout the U.S. * Balfour Beatty Rail Inc. focuses on public and private sector rail companies throughout the U.S. Services include design, engineering, construction and maintenance for Class 1, regional and shortline, port and industrial railroads, as well as transit authorities. * Balfour Beatty Communities is a market leader in the military housing privatization market (PPP) in the US and is responsible for the development, construction/renovation, operation and management of military privatization housing projects for the U.S. Departments of the Army, Navy and Air Force. 2. Parsons Brinckerhoff is one of the world`s leading professional services firms, ranked 11th in terms of global design revenues among U.S.-based companies by Engineering News-Record (ENR) in 2009. It is a global market leader in transportation, with a particular strength in the rail transit sector. Parsons Brinckerhoffoffers professional services firms, ranked 11th in terms of global design revenues among U.S.-based companies by Engineering News-Record (ENR) in 2009. It is a global market leader in transportation, with a particular strength in the rain transit sector. Parsons Brinckerhoff is well-known for its program management of large, complex projects and has been involved in some of the largest and most important infrastructure projects in the world. It operates through a network of over 100 offices and has approximately 12,650 employees. This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the term "believes" or comparable terminology. These forward-looking statements include matters that are not facts. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. A number of factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements speak only as at the date of this announcement. Subject to any requirement under applicable legislation or regulation, Balfour Beatty undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements. Balfour Beatty plc Duncan Murray, 020 7216 6865 www.balfourbeatty.com or Parsons Brinckerhoff Judy Cooper, 212-465-5332 www.pbworld.com Copyright Business Wire 2009
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