CB&I has announced that it has entered into a definitive agreement to acquire Shaw Group, for about $3 billion, with the acquisition expected to close in early 2013. CB&I says the acquisition "will create one of the most complete energy focused technology, engineering, procurement, fabrication, construction, maintenance, and associated services companies in the world" with a global workforce of nearly 50 000 and order backlog of over $28 billion.
Philip K. Asherman will continue as president and CEO of the combined company, which will operate Shaw as a business sector under the brand name CB&I Shaw, enabling it to "retain Shaw's brand equity, particularly in the power industry."
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