When will Balfour Batty buy Parsons Brinckerhoff for 626 Million?
LONDON -(Dow Jones)- Balfour Beatty PLC (BBY.LN) said Thursday it is buying Parsons Brinckerhoff Inc., a professional services company, for $626 million and announced a 3:7 fully-underwritten rights issue at 180 pence per ordinary share to raise GBP353 million. MAIN FACTS: -Acquisition and rights issue to enhance earnings per share in the year ending Dec. 31, 2011. -To issue 205.5 million shares under rights issue, 180 pence price is 46.8% discount to share price of 344 pence at Sept. 16. – Enlarged group to focus on organic growth and acquisitions -Trading performance in the year continues to be in line with expectations, underpinned by continued infrastructure expenditure by Balfour Beatty’s customers and the benefit of acquisitions. -Balfour Beatty’s order book has remained broadly in line with the GBP12.5 billion reported as at Jun. 27. -The Directors believe that Balfour Beatty’s strong first half performance, together with the visibility provided by its significant order book of
LONDON — Engineering firm Balfour Beatty said Thursday that it will acquire Parsons Brinckerhoff for $626 million and will finance the deal with a rights issue. The acquisition and rights issue, taken together and before exceptional items, are expected to enhance earnings per share in 2011, the firm said. The rights issue will be fully underwritten on a 3 for 7 basis and will raise approximately 353 million pounds. “The acquisition of Parsons Brinckerhoff represents the realization of a number of key strategic objectives for Balfour Beatty. In particular, we believe it makes us one of the world’s major players in professional services, substantially strengthens our U.S. presence and puts Balfour Beatty in an excellent position to take advantage of increased infrastructure spending,” the firm said. Shares jumped 8.1% in London. Sources: http://www.foxbusiness
LN) Thursday said it had agreed to buy US professional services company Parsons Brinckerhoff for $626 million (GBP380 million), which it will fund with a … Sources: http://news.google.com/news/url?sa=t&ct2=us%2F0_0_s_0_0_t&usg=AFQjCNGI6n2PPHuJL9t1ZtMFSchcuTPi9Q&sig2=C8vL6jquqcGUhIv05PnPhw&cid=1313877723&ei=L0eySrmIBYmm8wTJyOkd&rt=SEARCH&vm=STANDARD&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FBT-CO-20090917-708642.
