Balfour Beatty has completed the takeover of US consultants Parsons Brinckerhoff (PB), following overwhelming support from PB’s shareholders.
In a ballot, 98.9% of shareholders in the employee-owned business voted in favour of the takeover last week. This majority comfortably satisfied the 75% approval threshold needed.
The $626M (£381M) takeover was completed on Tuesday as NCE went to press.
PB chief executive Keith Hawksworth thanked his staff for backing the deal. “Your strong support indicated by the very high voting percentage are all greatly appreciated,” he said.
PB UK and Europe and Balfour Beatty Management will be combined under the PB brand. Balfour Beatty Management director Nick Flew has been appointed MD of the combined UK/Europe operation.
Balfour Beatty Management MD Andrew Wolstenholme will continue to lead the global integration of the two businesses.
Former PB UK and Europe MD Greg Ayres stays with the company “but with his finance background will be suited to a role in the finance team”, said a Balfour Beatty spokesman.