CBI acquires Shaw Group for $3 billion

Chicago Bridge & Iron Co. announced that it has agreed to buy Shaw Group Inc. for roughly $3 billion.

With the acquisition of Shaw, CBI will expand its nuclear building services in a portfolio of energy-related engineering and construction projects, the company said. Specifically, the acquisition will supplement CBI’s role in its construction of the first nuclear reactors approved in United States since 1978.

CBI will pay $46 a share in cash and stock, which is 72 percent more than Shaw’s closing price July 27. Click here for full details of the acquisition.

In addition to its nuclear energy work, Shaw does significant government contracting work in the area of engineering and professional services. It is ranked No. 99 on the 2012 Washington Technology Top 100 list of the largest government contractors.

The purchase is expected to close during first quarter 2013, Shaw said.