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WSP Acquires Power Engineers, Inc. for US $ 1.78 Billion
Continued Global Expansion of Leading Professional Services Firm
MONTREAL, August 12, 2024 – WSP Global Inc. (TSX: WSP), a leading global professional services firm, today announced the acquisition of Power Engineers, Inc. (POWER), an energy-focused engineering and consulting firm based in Denver, Colorado, for a purchase price of US $1.78 billion (approximately CA $2.44 billion). The acquisition reflects POWER's estimated 2024 pre-IFRS 16 revenue of approximately US $450 million (approximately CA $620 million).
Enhanced Energy Expertise and Geographic Reach
The acquisition of POWER significantly enhances WSP's global energy capabilities and expands its geographic reach in the United States, a key growth market for the firm. POWER's expertise aligns with WSP's strategic focus on providing comprehensive decarbonization and energy transition solutions to its clients.
POWER's team of over 2,200 professionals will join WSP, bringing deep technical expertise in the planning, design, and construction of power generation, transmission, and distribution systems. The acquisition strengthens WSP's global energy leadership position and enhances its ability to meet the growing demand for sustainable energy infrastructure.
“Strategic Investment for Growth and Innovation”
“This acquisition is a strategic investment in WSP's continued growth and innovation in the energy sector,” said Alexandre L'Heureux, President and CEO of WSP. “Power Engineers' exceptional expertise and strong client relationships will enable us to expand our offerings, deliver innovative solutions, and contribute to the global transition towards a sustainable energy future.”
Positioned for Continued Success
The acquisition of Power Engineers, Inc. is a major milestone for WSP Global Inc., further solidifying its position as a global leader in professional services. With its enhanced energy expertise and expanded geographic reach, WSP is well-positioned to continue providing transformative solutions to its clients and contribute to a more sustainable world.