CB&I buys power plant builder The Shaw Group

CB&I (NYSE: CBI) has completed the acquisition of The Shaw Group (NYSE: SHAW).

The deal was approved in December 2012 by shareholders of both companies. Under the terms of an agreement signed in July 2012, CB&I acquired Shaw for $3 billion in a cash and stock transaction.

CB&I will operate The Shaw Group as a separate business entity that will be called CB&I Shaw. Shaw, which had its headquarters in Baton Rouge, Louisiana, will relocate to The Woodlands, Texas to be folded in with the CB&I offices.

Shaw has about 27,000 workers worldwide. CB&I has about 23,000 employees worldwide.

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