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Sat September 19 2020

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Balfour shareholders approve Parsons sale

28 Oct 14 Balfour Beatty shareholders have voted overwhelming to support the board’s decision to sell the US engineering arm, Parsons Brinckerhoff.

Balfour Beatty executive chairman Steve Marshall
Balfour Beatty executive chairman Steve Marshall

The resolution proposed at Balfour Beatty’s general meeting held today to approve the proposed disposal of Parsons Brinckerhoff to WSP Global was duly passed with 93.24% of votes cast in favour.

Completion of the £820m transaction, agreed last month, is expected shortly and a further announcement will 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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