CB&I formally acquires US engineering major Shaw
CB&I has completed its acquisition of US-based engineering company The Shaw Group, the companies said on Wednesday.
The deal was first announced in July 2012, and CB&I and Shaw shareholders overwhelmingly approved the transaction in December 2012.
“We are extremely pleased that the transaction to acquire Shaw is officially complete and we thank the shareholders for their support,” said Philip K. Asherman, CEO of CB&I.
“With the close of the transaction, CB&I is the most complete energy infrastructure focused company in the world. Through our now 50,000 talented employees, we have the capabilities and the expertise to provide our clients with a world of solutions, and a tremendous strategic advantage in responding to the growing demand for energy infrastructure around the globe.”
Reports have valued the overall deal at approximately $3 billion.
CB&I had said that combining the two companies would create “one of the most complete engineering, procurement, fabrication, construction, maintenance, and associated services companies in the world”.
CB&I plans to operate Shaw as a business sector under the brand name CB&I Shaw, the company said, enabling the new company to retain Shaw’s brand equity, particularly in the power industry.
Headquarters functions at The Shaw Group's former offices in Baton Rouge, Louisiana, have shifted to The Woodlands, Texas, where CB&I is based.
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