Global professional services firm WSP has announced its acquisition of Power Engineers, a prominent US-based consultancy in the power and energy sector, for $1.78 billion. This strategic move aligns with WSP’s vision to expand its services and enhance its position in the energy transition market.
Power Engineers, which employs 4,000 people, including 900 shareholders, has been a key player in serving North American power utilities. The acquisition has been unanimously approved by the boards of both companies and is expected to bolster WSP’s financial performance, contributing to the objectives of its 2022-2024 Global Strategic Action Plan.
To finance the acquisition, WSP has secured $1 billion through a combination of a $500 million public offering and $500 million in private placements from major investors including GIC, CDPQ, BCI, and CPP Investments. The funds will be used to partially finance the purchase price, reducing reliance on new term loans at the deal’s closing.