Parsons Brinckerhoff, which has role in Honolulu rail project, sold for $626M
Britain builder Balfour Beatty Plc has agreed to buy transportation engineering consultant Parsons Brinckerhoff Inc. for $626 million.
New York-based Parsons has been active in Hawaii since the 1960s and had a major role in designing H-3 Freeway. PB Americas Inc., a unit of Parsons Brinckerhoff, has the largest contract to date, for $86 million, working on Honolulu’s planned $5.3 billion elevated commuter rail project. That two-and-a-half year contract expires in February.
Employee-owned Parsons Brinckerhoff operates has about 12,650 employees worldwide. The company posted a profit of $107 million on $2.34 billion in revenues in the year ended Oct. 31, 2008.
The deal, which is being financed by the sale of new Balfour shares, is expected to be completed by November.
According to Balfour, Beatty Parsons was told that existing contractual compensation and benefits of all Parsons employees would be substantially safeguarded.
