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| Balfour Beatty acquires leading U.S. West Coast contractor UK giant Balfour Beatty announces that Balfour Beatty Construction US ("BBC") has reached agreement to acquire Howard S. Wright ("HSW") for an estimated net cash consideration of US$93 million (£58 million) for a zero net assets balance sheet. US$70 million (£44 million) is payable at closing with a further amount to be paid on an earn-out basis over 4.5 years, conditional on the satisfaction of certain financial projections. The earn-out is estimated to be US$23 million and is capped at US$40 million. HSW has similar corporate values to those of BBC and represents an excellent cultural fit. The company will retain its senior leadership team within BBC, and trade under the name "Howard S. Wright – a Balfour Beatty Company". write your comments about the article :: © 2011 Construction News :: home page |