Balfours completes Parsons Brinckerhoff takeover
Contractor Balfour Beatty has completed the takeover of US consultant Parsons Brinckerhoff, and Nick Flew has been appointed to head its new UK and European division.
Shareholders in the employee-owned US firm voted overwhelmingly in favour of the takeover last week, with 98.9% approving of the deal.
Balfour Beatty paid some US$626M (approximately £380M) for the company, which will be run independently and retain its prominent brand.
Balfours chief executive Ian Tyler said the secret takeover, dubbed Project Blackadder, would be transformational for the contractor.
The takeover will see Balfour Beatty management eventually merged with Parsons Brinckerhoff.
Balfour’s buy-out will be managed by Andrew Wolstanholme, who will be looking for area that can add value between the two businesses.
Nick Flew has been appointed as managing director of the UK and European operations of Parsons Brinckerhoff.
Nick was previously a Director of Balfour Beatty Management, and Nick: “Played a key role in the acquisition of Parsons Brinckerhoff and in his new position will lead the integration of the operations of Balfour Beatty Management and the UK/Europe operation of Parsons Brinckerhoff,” according to a Balfour Beatty statement.
Nick joined Balfour Beatty Management from Atkins in 2004.
Parsons Brinckerhoff’s chief operating officer of its international division, Stuart Glenn said: “The acquisition of Parsons Brinckerhoff is an important step towards fulfilling Balfour Beatty’s ambition to be a global leader in infrastructure services.”
Share
Have your say
You must sign in to make a comment.