Wall Street Addict

San Francisco-based URS Corp. is buying Washington Group International for $2.6 billion, the engineering and construction companies announced Monday.
The boards of directors of both companies unanimously approved the deal, which calls for Washington Group stockholders to receive $43.80 in cash and .772 shares of URS stock for each Washington Group share.
The transaction is valued at $80 per share, or a 14 percent premium over Washington Group's closing stock price on Friday.
The deal combines two of the nation's largest engineering and construction firms. URS has 29,500 employees in 20 countries, while Washington Group has 25,000 employees worldwide.
The deal, which is subject to approval by the stockholders of each company and regulators, is expected to close in the second half of this year, the companies said.
The combined company would operate under the name URS Corp., and would have one of the largest teams of nuclear scientists and engineers in the industry and a backlog of projects exceeding $11 billion in more than 50 countries, company officials said.

Labels: RTN, URS