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Diving certificate:
- WSP has agreed to spend $1.78 billion to Acquisition of Power Engineers Inc.a Hailey, Idaho-based consulting firm with a leading presence in the power and energy sector, the companies announced Monday.
- Power Engineers employs around 4,000 people and has 50 offices. The company has served well-known energy suppliers in North America. In addition, the company specializes in environmental consulting. The company will operate under the Power brand for the foreseeable future and will be managed worldwide by Holger Peller, Power’s current president and COO, the press release states.
- The purchase is intended to complement Montreal-based engineering and design giant WSP’s three existing core businesses: transportation and infrastructure, real estate and buildings, and earth and environment, the press release said.
Diving insight:
WSP has been on a buying spree in recent years and in the recent second quarter conference call, CEO and President Alexandre L’Heureux said: Acquisitions remain an important part to accelerate the company’s growth and expand its capacities.
The announcement from Power Engineers follows four WSP acquisitions from earlier this year:
- AKF is a New York City-based mechanical, electrical and plumbing engineering firm that designs complex facilities for healthcare, science and technology, and mission-critical facilities.
- The Finnish railway consulting companies Proxion Pro and Proxion Plan.
- Communica Public Affairs is one of Canada’s leading consulting firms for Indigenous and stakeholder engagement and information management.
- 1A Ingenieros is a Spanish consulting company mainly active in the electricity and energy sector.
WSP is expanding its power and energy expertise to capitalize on the global shift toward clean energy, L’Heureux said in previous quarterly earnings calls.
“The acquisition will represent a transformative step that will put us at the forefront of the energy transition,” L’Heureux said in the press release. “This opportunity brings a wealth of strategic benefits, including an expanded offering of innovative solutions for our customers and ongoing professional development opportunities for our employees.”
The merger is subject to approval by Power shareholders and regulatory approval in the United States, the press release said. The transaction is expected to close in early fourth quarter 2024.
