"We have for some time sought a strategic partner that complements the services we provide which would assist us in our on-going global expansion," said Hawksworth. "Balfour Beatty shares our values, our culture and our commitment to professionalism, integrity and technical excellence - principles that have guided us for nearly 125 years and Balfour Beatty for the last century."
Parsons Brinckerhoff will retain its name and organisational structure and operate as an independent but wholly-owned subsidiary.
The acquisition must be approved by the shareholders of both organisations. PB, which is employee-owned, will hold its shareholders' meeting on 21 October.
In 2008, PB had revenues of US$2.34 billion and approximately 13,000 employees in over 100 offices worldwide. Balfour Beatty has approximately 40,000 employees and last year had revenues of approximately US$15 billion.
