Another of Tampa Bay's local corporate citizens will soon be bought out.
Update: WS Atkins plc's purchase of The PBSJ Corp. was completed last week, as 99% of voting PBSJ stockholders approved the transaction. WS Atkins will pay $280 million in cash to acquire all issued PBSJ stock.
From Aug. 2:
The PBSJ Corp., one of the largest privately owned companies in Tampa Bay, has entered into an agreement to be purchased by WS Atkins plc, one of the world's largest design firms.
The deal will be completed with an all-cash purchase of all PBSJ stock, a release said. At the agreed-upon per-share price of $17.137, the transaction will be worth roughly $280 million.
Headquartered in Tampa, PBSJ has approximately 3,500 employees, gross revenues of roughly $799 million, and earnings before interest, taxes, depreciation and amortization (EBITDA) of $47 million.
“We are fortunate to have maintained solid performance even during the recent, challenging economic climate,” said PBSJ CEO Robert Paulsen, “but we wanted to grow the company in a way that employee ownership alone could not support.”
For Atkins, the purchase provides geographic diversity. Said Atkins CEO Keith Clarke of the deal, “It moves us from being just over 70 percent UK to just over 50 percent UK.”