The firm will now start work on the major new hospital early next year under a £297m building contract.
As part of the PF2 deal, the contractor will also invest £13m into the project.
Sandwell and West Birmingham Hospitals NHS Trust signed off the contract today, which will also see Carillion deliver hard facilities management and life cycle maintenance worth £140m of revenue over the 30-year life of the concession contract.
When the big building project completes in mid-2018, the Midlands will be serviced with an extra 683 beds and 13 operating theatre suites.
The hospital will also boast a fully enclosed Winter Garden and car parking within the hospital building on the ground and first floors to create secure environment for patients and staff.
Richard Howson, Carillion chief executive, said: “We are delighted to have achieved financial close on this important new hospital.
“Carillion has delivered over 60 public private partnership projects including more than 20 healthcare projects, making us a global leader in the PPP market.”