close
close

WSP acquires Power Engineers for $1.78 billion

Posted on by darion

This sound is generated automatically. Let us know if you have feedback.

Brief description of the dive:

  • WSP has agreed to spend $1.78 billion on acquire Power Engineers Inc.Hailey, Idaho-based consulting firm that is a leading firm in the energy and power generation sectors, the two companies announced Monday.
  • Power Engineers has about 4,000 employees and 50 offices, and serves major power utilities in North America. It also specializes in environmental consulting. The company will operate under the Power brand for the foreseeable future and will be led globally by Holger Peller, current president and COO of Power, according to the release.
  • According to the release, the acquisition is intended to complement Montreal-based engineering and design giant WSP’s business in three core sectors: transportation and infrastructure, real estate and buildings, and the environment.

Diving Insight:

WSP has been buying heavily in recent years and during a recent Q2 earnings press conference, CEO and Chairman Alexandre L’Heureux said: acquisitions remain a key part accelerating company growth and expanding its capabilities.

Below is the Power Engineers job ad four WSP acquisitions from earlier this year:

  • AKF, based in New York, is a mechanical, electrical and plumbing firm that designs complex healthcare, science and technology, and mission-critical facilities.
  • Finnish railway consulting companies Proxion Pro and Proxion Plan.
  • Communica Public Affairs, one of Canada’s leading consulting firms focused on Indigenous and stakeholder engagement and information management.
  • 1A Ingenieros, a Spanish consulting company operating mainly in the energy sector.

WSP is expanding its energy expertise to benefit from the global transition to cleaner energy, L’Heureux said in previous earnings conference calls.

“The acquisition will be a groundbreaking step that places us at the forefront of the energy transformation,” L’Heureux said in a statement. “This opportunity brings a wealth of strategic benefits, including an expanded set of innovative solutions for our customers and ongoing professional development opportunities for our employees.”

According to the release, the merger is subject to approval by Power shareholders and U.S. regulatory approval and is expected to close in early the fourth quarter of 2024.