Canada's WSP Global to buy Balfour Beatty's U.S. engineering, design business

Wed Sep 3, 2014 4:28pm EDT
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Sept 3 (Reuters) - WSP Global Inc said it would buy Balfour Beatty Plc's U.S. engineering and design business, Parsons Brinckerhoff, for an enterprise value of about $1.24 billion to increase its footprint in the United States.

The deal is being financed through a combination of a $502 million bought deal public offering, $400 million in private placement and new credit facilities, WSP Global said.

The deal includes an additional consideration for cash retained by Parsons Brinckerhoff of up to $110 million, WSP Global said. (Reporting by Sneha Banerjee in Bangalore; Editing by Simon Jennings)