PARSONS BRINCKERHOFF: Balfour Beatty announced an agreement to sell its New York-based global professional services division Parsons Brinckerhoff to WSP Global Inc on September 3. Shareholder approval is expected in Q4 2014. Subject to closing adjustments, the deal is worth US$1·35bn, less US$110m of cash to be retained within Parsons Brinckerhoff.
Balfour Beatty said it would reposition itself as an Anglo-American infrastructure group ‘focused on construction, services and investments’, including rail. This group would include national and regional construction businesses in the UK and USA, an international investments business, a services division with specialist construction and asset management businesses, and construction joint ventures in the Far East and Middle East.
According to the company, WSP Global is to become ‘one of the largest global pure-play professional services firms’ in the industry, with 31 000 employees and a strengthened presence in the US transport sector, as well as in the UK, Asia and Australia.