Infrastructure company Balfour Beatty announced yesterday that its shareholder circular regarding the proposed sale of its US business Parsons Brinckerhoff (PB) to a Canadian bidder has been approved by the UK listing authority. The sale price of PB amounts to £820m.
The company said in a statement:
The sale price represents a significant return on Balfour Beatty’s investment and a compelling level of value creation for shareholders, which remains a key focus of Balfour Beatty’s Board.
The sale must still be approved by shareholders at the General Meeting (GM) and meet anti-trust regulations. The circular gave notice for the GM to take place on 09:30am on 28 October 2014. The meeting will be held at Goldman Sachs International.
Balfour believes the transaction will be completed in the fourth quarter of 2014. The timetable of events leading up to the completion is outlined the company's circular.