CH2M, Colorado's largest privately held company, is being purchased by Jacobs Engineering Group Inc. of Dallas in a $3.27 billion deal, including debt, Jacobs announced today.

Jacobs (NYSE: JEC) will acquire all of the outstanding shares of the Douglas County-based global engineering firm for $2.85 billion in cash and stock in a deal that includes acquiring about $416 million of CH2M net debt.

The deal doesn't come as a big surprise: It was reported last week that a Jacobs-CH2M deal was in the offing.

For Jacobs, which recently moved its headquarters to Dallas from Pasadena, California, the deal means it can grow in sectors it had already targeted, and where CH2M is considered a leader.

Read more at the Denver Business Journal: