URS, Washington Group shareholders set to vote Oct. 30 on merger deal

By Lisa Kerner

Charlotte, N.C., Sept. 26 - URS Corp. and Washington Group International Inc. will hold separate stockholder meetings on Oct. 30 to approve the merger of the two companies. The acquisition is slated to close in early November, according to an URS news release.

On May 29, URS agreed to acquire Washington Group in a cash and stock transaction valued at some $2.6 billion.

Washington Group stockholders will receive $43.80 in cash and 0.772 of a share of URS common stock for each Washington Group share.

It was previously reported that the combined company will be called URS Corp. and will have estimated combined 2007 revenues of $8.6 billion as well as projects in over 50 countries and more than 54,000 employees. URS expects to achieve annual pre-tax cost synergies of $50 million to $55 million in 2008.

The merger agreement includes termination rights for both companies, with URS required to pay $50 million or $70 million and Washington Group required to pay $70 million under specified circumstances.

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

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