By Bloomberg Business Week, Yahoo News
(Bloomberg) — Engineering firm WSP Global Inc. agreed to buy energy-focused rival Power Engineers Inc. for C$2.44 billion ($1.8 billion) with the financial backing of Singapore’s sovereign wealth fund and three large Canadian pension funds.
The deal is “a transformative step that will position us at the forefront of the energy transition,” WSP Chief Executive Officer Alexandre L’Heureux said in a statement announcing the transaction on Monday.
The deal continues an acquisition spree for WSP, following several transactions already this year. In 2022 it bought the environment and infrastructure business of UK-based John Wood Group Plc for about C$2.4 billion.
“When selling your business, it’s not only important to focus on the sale price, but also to carefully review the deal terms and conditions to understand how much you will net in-hand post-taxes.”
– Shruti Gurudanti, Rose Law Group partner and director of corporate transactions
