URS broadens market exposure with acquisition of Washington Group

By Lisa Kerner

Charlotte, N.C., Nov. 15 - URS Corp. completed its $3.1 billion acquisition of Washington Group International, Inc. after shareholders of each company approved the deal in separate meetings on Thursday.

"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," URS chairman and chief executive officer Martin M. Koffel said in a company news release.

Under the companies' merger agreement, Washington Group stockholders will receive $43.80 in cash and 0.9 of a share of URS common stock for each share of Washington Group stock. Shareholders may elect to instead receive all stock or all cash. The deadline for Washington Group stockholders to elect their consideration is 5 p.m. ET on Nov. 20.

Washington Group's shares ceased trading on the New York Stock Exchange. The company will operate as the Washington Division of URS under former Washington Group CEO Steven Hanks. Hanks was also appointed to the URS board of directors.

URS is an engineering design services company located in San Francisco. Washington Group is a Boise, Idaho, engineering company.

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