The Shaw Group has agreed to be bought by CB&I in a cash and stock transaction valued at $3 billion, creating one of the world’s largest engineering and construction companies focused on the global energy industry. Under the terms of the deal, CB&I, also known as Chicago Bridge & Iron, will pay $46 a share in cash and stock, about $41 in cash and $5 in CB&I equity, representing a premium of 72% over Shaw’s closing price on Friday. CB&I plans to operate Shaw as a business sector under the brand name CB&I Shaw, where it will retain Shaw’s brand equity and allow the combined organization to recognize synergies and capitalize on both companies’ resources and capacity.