WSP buys PB - sale complete

WSP completes the previously announced acquisition of Parsons Brinckerhoff. 

Antony Oliver
31 October 2014

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WSP Global has announced that it has completed the acquisition of all of the issued and outstanding capital stock of the entities comprising the business of Parsons Brinckerhoff Group Inc. (collectively, "Parsons Brinckerhoff"), the professional services division of Balfour Beatty. 

Balfour Beatty’s shareholders voted overwhelmingly this week in favour of the sale of Parsons Brinckerhoff to WSP clearing the way for today's completion.

The vote on 28th October saw 93% of BB shareholders vote in favour of the deal to sell the consultant for £820M.  

"I am pleased with this acquisition, as we become an industry leader, with the ability to deliver more expertise and services to our client base across the world," said Pierre Shoiry, President and Chief Executive Officer of the new combined entity.

"We will now focus on combining our respective businesses and on generating revenue synergies, such as in the rail sector where we see an opportunity to combine WSP's expertise in above ground station and platform design, with Parsons Brinckerhoff's expertise in tunnelling and underground technology or in the aviation sector, where our expertise in land and air sides are complementary."

The WSP statement added: "Upon closing, George J. Pierson, President and Chief Executive Officer of Parsons Brinckerhoff, was appointed an executive director of the Corporation. As such, he will pursue his active role in the organization as CEO of Parsons Brinckerhoff, while ensuring continuity and seamless integration at the highest level as director of the Corporation. Mr. Pierson will transition from CEO of Parsons Brinckerhoff to a non-executive director position at the end of the year."

Press release is here