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Balfour Beatty sells off Parsons Brinckerhoff

Balfour shareholders agreed sale of professional services division

Shares rose following the announcement.
Shares rose following the announcement.

Balfour Beatty shareholders have approved WSP Global's acquisition of all issued and outstanding capital stock of Parsons Brinckerhoff Group, the company's professional services division.

The acquisition was announced on 3 September, 2014 but was conditional on the approval of Balfour Beatty's shareholders under London Stock Exchange rules.

Subject to all conditions being approved, it is expected that the acquisition will become effective during the fourth quarter of 2014.

The construction company secured 93% of votes cast at a general meeting for the deal to go ahead and shares rose more that 1.2% soon after.

Parsons Brinckerhoff is being sold to Canadian group WSP Global for around £820mn, with around £200mn being returned to shareholders and £85mn going towards reducing its pension deficit.

Balfour Beatty bought the smaller firm in 2009 for £382mn.

Professional services firm WSP works with governments, businesses, architects and planners and provides integrated solutions across many disciplines. It is has more than 300 offices across 30 countries, on five continents. 

Results of the proxy vote are available on Balfour Beatty's website.

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