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Balfour Beatty shareholders vote to sell PB

Balfour Beatty shareholders have voted in favour of selling Parsons Brinckerhoff to WSP.

The Canadian-headquartered consultant agreed to pay £820M to acquire Balfour’s professional services business in early September.

At its general meeting today, 93% of Balfour Beatty shareholders voted in favour of the proposed disposal.

Balfour said completion of the transaction was expected shortly and a further announcement would be made “in due course”.

Executive Chairman Steve Marshall said: “This sale represents a significant return on Balfour Beatty’s investment and a compelling level of value creation for shareholders.

“Balfour Beatty is now a simpler, stronger and more focused business, and with Leo Quinn joining as new CEO in the New Year the business is well positioned for the future as the construction and infrastructure markets develop.”

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