Balfour Beatty has announced the sale of Parsons Brinckerhoff to WSP Global for £820m, conditional upon the approval of Balfour Beatty shareholders. This sale prices assumes cash of £67m retained within the professional services firm Parson Brinckerhoff. The deal is expected to be completed in the fourth quarter of 2014 following customary closing conditions.
Pierre Shoiry, President and Chief Executive Officer of WSP: "We are pleased to be joining forces with a firm of Parsons Brinckerhoff's long-standing reputation and know-how as we expect this transaction to create an industry leader, with the ability to deliver more expertise and services to our client base across the world.
"We expect to successfully reach the strategic objectives we had set for 2015, by creating one of the largest global pure-play professional services firms in our industry around our four pillars, namely our employees, our clients, our operational excellence and our expertise."