LONDON (Reuters) - British building group Balfour Beatty (>> Balfour Beatty plc) said it would return up to 200 million pounds to shareholders and reduce its pension fund deficit after agreeing to sell its Parsons Brinckerhoff business for almost $1.24 billion.

The sale of the U.S. professional services division to Canada's WSP Global Inc (>> WSP Global Inc), which is expected to complete in the fourth-quarter of 2014, was announced late on Wednesday.

Balfour said on Thursday in addition to the investor payout, around 85 million pounds of the proceeds would be used to reduce the group's pension fund deficit.

(Reporting by Neil Maidment; Editing by Mark Potter)

Stocks treated in this article : WSP Global Inc, Balfour Beatty plc