28th Oct 2014 12:32
LONDON (Alliance News) - Balfour Beatty Tuesday said it expects to release confirmation of its disposal of Parsons Brinckerhoff to WSP Global Inc after the majority of shareholders voted in favour of the deal.
At an extraordinary general meeting, 93% of shareholders voted in favour of the deal and Balfour expects to release a statement confirming the completion of the deal shortly, it said in a statement.
"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," said Chairman Steve Marshall.
The deal will see WSP Global pay Balfour GBP820 million in cash for the US project management business, a good return on the roughly GBP380 million Balfour bought the business for in 2009 and more than the GBP650 million price that analysts had put on Parson Brinckerhoff.
Balfour Beatty shares were up 0.9% to 158.50 pence per share Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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