MONTREAL, Sept. 21, 2022 (GLOBE NEWSWIRE) — WSP Global Inc. (TSX: WSP) (“WSP” or the “Company”) is pleased to announce that it has closed its previously announced acquisition of the environmental and infrastructure business (“E&I”) of John Wood Group plc (“Wood”) by a purchase agreement (the “Acquisition”). E&I provides engineering, remediation, environmental permitting, inspection, monitoring and environmental management services to government, industrial, infrastructure, oil and gas, power, water and mining clients. E&I’s 6,000 professionals work from around 100 offices in over ten countries, primarily in the US, Canada and the UK, with a secondary presence in Latin America and Europe.
“We are delighted to welcome E&I’s 6,000 professionals to the WSP family and look forward to creating a strong leader from two well-respected organizations with bold ambitions. By joining forces, we can offer our clients advanced, world-class, multidisciplinary services while providing new solutions and value. This transaction will also position us to continue to pursue opportunities in the fast-growing environmental and water sectors,” said Alexandre L’Heureux, WSP’s President and Chief Executive Officer.
“In line with our global strategic action plan, this acquisition, along with our other recently announced transactions, will help achieve our strategic ambitions while expanding our geographic reach and adding expertise in key sectors. This will generate even greater momentum as we future-proof our cities and environment,” he added.
“We are excited to become part of a leading global consulting firm where our combined expertise delivers value to our clients through enhanced service capabilities, global reach and a comprehensive portfolio of technical experts. Together with WSP, we will be a unique advisor and provider to clients across all sectors and services, and our people’s aspirations towards a more sustainable future have room to grow. We are now an industry leader at a time when environmental and infrastructure requirements are a global priority,” said Joe Sczurko, executive president of E&I Consulting.
The total cash consideration payable in connection with the acquisition is approximately US$1.801 billion (approximately C$2.40 billion), subject to adjustment. The acquisition and other related transaction costs were funded through a $1.801 billion term credit facility with maturities of up to five years.
As one of the world’s leading professional services companies, WSP exists to future-proof our cities and our environments. We provide strategic consulting, engineering and design services to clients in the transportation, infrastructure, environment, buildings, power, energy, water, mining and resources sectors. Our 63,000 trusted professionals are united by a common goal of creating positive, long-lasting impact on the communities we serve through a culture of innovation, integrity and inclusion. Sustainability and science permeate our work. WSP generated approximately half of its $10.3 billion (CAD) revenue in 2021 from clean sources. The Company’s shares are listed on the Toronto Stock Exchange (TSX: WSP). To learn more, please visit www.wsp.com.
FORWARD LOOKING STATEMENTS
This press release contains information or statements that are or may be “forward-looking statements” within the meaning of applicable Canadian securities laws. As used in this press release, the words “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “forecast”, “project”, “intend,” “goal,” “potential,” “continue,” or the negative of such words or terminology of similar nature as they refer to the Company, an affiliate of the Company, or the post-acquisition combined entity, are intended to identify forward-looking statements . Forward-looking statements in this press release include, without limitation, such information and statements as to the acquisition, the new credit facility, the anticipated benefits of the acquisition and future growth of the company, results of operations, performance business, prospects and opportunities, anticipated synergies to be realized and certain expected financial ratios. Although the Company believes that the expectations and assumptions upon which such forward-looking statements are based are reasonable, undue reliance should not be placed on forward-looking statements as there can be no assurance that they will prove to be accurate. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied by the forward-looking statements, including risks and uncertainties related to: the possibility that the anticipated benefits of Acquisition, integration of the E&I business, loss of certain key E&I employees, potential failure to achieve anticipated synergies, increased indebtedness, transition risk, potential undisclosed costs or liabilities associated with the acquisition, reliance on information provided by E&I, change of control and other similar provisions and fees, the nature of the acquisitions, the fact that the combined company will continue to face the same risks that the company currently faces, potential litigation, and others Factors identified in the “Risk Factors” section of WSP’s Management’s Discussion and Analysis for the year ended December 31, 2021 and WSP’s Management’s Discussion and Analysis for the six-month period ended July 2, 2022 (collectively, the “MD&As”), the available under WSP’s profile on SEDAR at www.sedar.com. The foregoing list is not exhaustive and other unknown or unpredictable factors could also have a material adverse effect on WSP’s or E&I’s performance or results. WSP’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. For more information about this cautionary statement regarding forward-looking statements, and a description of the relevant assumptions and risk factors likely to affect WSP’s actual or projected results, please see the MD&As available on SEDAR at www.sedar. com. The forward-looking statements contained in this press release are made as of the date of this release and WSP undertakes no obligation to update or revise these forward-looking statements, whether written or oral, except as required by applicable securities laws from time to time itself or in its names, whether due to new information, future events, or other reasons. The forward-looking statements contained in this press release are expressly qualified by these cautionary statements.
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