Canadian consultancy firm Genivar buys UK’s WSP for C$442 million
09 Jun 2012
Canadian engineering consulting firm Genivar Inc has agreed to buy British professional services organisation WSP Group Plc for approximately £278 million (C$442 million), aspiring to become a global professional services company with world-class expertise.
Under the terms of the deal, Each WSP shareholder will get £4.35 per share, representing a premium of approximately 67 per cent to the closing price of the stock on 6 June.
The enterprise value of the transaction is approximately £400 million (C$637 million) including pension liabilities, Genivar said in a statement.
Montreal-headquartered Genivar is a leading professional services firm providing services in planning, engineering, surveying, environmental sciences, and projects and construction management. It has more than 5,500 professionals, technicians and supporting staff and has presence in over 100 locations in Canada, US, Trinidad and Tobago, France and Columbia.
WSP, based in London, is a global multi-disciplinary professional services firm specialising in building, transport, infrastructure, industry, energy and environment. The group has over 9,000 employees in 200 locations in 30 countries and reported revenue of C$1.1 billion in 2011.
The combined entity will be headed by WSP's current chief executive Christopher Coe, who will become the executive chairman. Pierre Shoiry, Genivar president and chief executive officer, will keep his position.
