Montreal-based WSP Global Inc. agreed to buy Parsons Brinckerhoff for $1,242.5 million debt-free this month, giving PB a strong presence in Canada and, hopefully, the financial backing it wants to more aggressively pursue P3 projects as an equity partner.

At an 8.8 multiple of EBITDA, the stock purchase agreement by WSP will give Balfour Beatty plc a substantial return on the $626 million it paid for PB in 2006. Balfour Beatty Investments has been aggressively pursuing P3 projects in the U.S. and Canada, mainly social infrastructure. Its P3 portfolio worldwide  is valued at $1.2 billion.