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Rail News: M&A

Engineering firm URS to acquire competitor Washington Group


URS Corp. and Washington Group International Inc. recently reached an agreement under which URS would acquire Washington Group for cash and stock totaling about $2.6 billion. Both firms provide engineering and construction services to the transportation industry.

Washington Group stockholders would receive $43.80 in cash and 0.8 shares of URS common stock for each of their shares. URS stockholders would retain their shares and Washington Group stockholders would own about 31 percent of the combined company, which would be called URS Corp. Martin Koffel would serve as chief executive officer of the combined company.

Subject to approval by URS and Washington Group stockholders, regulatory oversight and customary closing conditions, the transaction is expected to close sometime in the second half.

“Together, we will have the resources to meet increasing client demand for a single firm that can provide the full range of engineering and construction services required for large, complex projects … both in the United States and abroad,” said Koffel in a prepared statement.

Contact Progressive Railroading editorial staff.

More News from 5/29/2007