Balfour Beatty, the international engineering, construction, investment and services group, has agreed to acquire NIA member Parsons Brinckerhoff for $626 million.

Parsons Brinckerhoff is one of the world`s leading professional services companies. Last year the company had worldwide revenues of just over $2.3 billion.

Employee-owned Parsons Brinckerhoff is headquartered in New York, with a network of over 100 offices, and has approximately 12,650 staff members.

The acquisition will need to be approved by the shareholders of both organizations.

Balfour Beatty believes that the combination of Balfour Beatty and Parsons Brinckerhoff will be a major step forward in accomplishing objectives by establishing a global professional services business of scale, and enhancing its global reach.

Keith Hawksworth, chief executive officer for Parsons Brinckerhoff said:

"We are delighted to be joining the Balfour Beatty group. We believe there is a clear fit between our two closely-aligned companies and are very enthusiastic about the enormous potential that can be realized by working together in the future."

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