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Dive brief:
- WSP has agreed to invest $1.78 billion in acquire Power Engineers Inc.a Hailey, Idaho-based consulting firm with a leading presence in the power and energy industry, the companies announced Monday.
- Power Engineers has approximately 4,000 employees and 50 offices, and has served major electric 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, Power’s current president and COO, according to the statement.
- The purchase is expected to complement Montreal-based engineering and design giant WSP’s three existing core sectors: transportation and infrastructure, property and buildings, and land and environment, the statement said.
Diving knowledge:
WSP has been on a buying spree in recent years, and in its recent second quarter earnings call, CEO and President Alexandre L’Heureux said procurement remains a critical part to accelerate the company’s growth and expand its capabilities.
Next, the Power Engineers ad four WSP acquisitions earlier this year:
- New York City-based AKF, a mechanical, electrical and plumbing company that designs complex healthcare, science and technology and mission critical facilities.
- Finnish railway consultancy Proxion Pro and Proxion Plan.
- Communica Public Affairs, one of Canada’s leading Indigenous and stakeholder engagement and information management consulting firms.
- 1A Ingenieros, a Spanish consultancy that operates mainly in the electricity and energy sector.
WSP is expanding its power and energy expertise to take advantage of the global shift toward cleaner energy, L’Heureux said in earlier earnings calls.
“The acquisition will mark a transformative step that will place us at the forefront of the energy transition,” L’Heureux said in the statement. “This opportunity brings a wealth of strategic benefits, including an expanded set of innovative solutions for our customers and continued professional growth opportunities for our employees.”
The merger is subject to Power shareholder approval and US regulatory approval, the statement said, and the transaction is expected to close in early Q4 2024.
