URS completes on Washington Group

URS Corporation announced on 15 November that it had completed its purchase of Washington Group International for a total price of some $3.1 billion. The closing of the acquisition followed the approval of the deal by shareholders of each company. Martin Koffel, URS' CEO, said "With the addition of Washington Group's complementary engineering and construction services, URS becomes one of the few fully-integrated engineering, construction and technical services firms capable of serving every phase of a project - from initial planning, engineering and construction of a project, to operations and maintenance. The combined company also has enhanced scale and expertise to meet the increasing demand for comprehensive solutions on large, complex global assignments." The definitive agreement for the acquisition was signed in May and valued the deal at some $2.6 billion. However, at the beginning of November, the agreement was amended to increase the value of the deal. Washington Group has now become the Washington Division of URS.