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MONTREAL, Aug. 28, 2019 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX: WSP) (“WSP”) announced that it has entered into a definitive merger agreement (the “Agreement”) in connection with its proposed acquisition (the “Acquisition”) of Ecology and Environment Inc. (NASDAQ: EEI) (“E & E”), a US-headquartered environmental consulting firm which provides professional services to governments and private customers worldwide. E & E has approximately 775 employees, predominantly in offices across the United States, with an additional presence in Latin America. With its US operations representing approximately 80% of its 2018 $US 73.5 million in net revenues, E & E’s portfolio includes work on the New York State Offshore Wind Master Plan, Climate Change Adaptation Planning in San Mateo County, California, and work on large federal programs with agencies including the US Environmental Protection Agency, the US Army Corps of Engineers, and the US Navy.
Under the terms of the Agreement, the merger consideration is approximately $US65.1 million in the aggregate, including a special dividend of approximately $US 2.2 million.
Commenting on the Acquisition, Alexandre L’Heureux, President and Chief Executive Officer of WSP, said, “We are pleased by the opportunity to have E & E join WSP, as we share a similar culture and strategy, centered around employees and clients. This Acquisition, which is in line with our 2019-2021 Global Strategic Plan, will enable us to increase both our Strategic Advisory Services offering and our presence in the United States, most particularly the US governmental sector. E & E, which is recognized for its expertise in environment, has built experience in sectors and services that WSP had targeted for growth, including environmental impact assessment, emergency planning and management, as well as site restoration.”
The Acquisition is expected to be completed in the fourth quarter of 2019. It is subject to customary closing conditions, including the approval of E & E’s shareholders and the receipt of applicable regulatory approvals.
ABOUT ECOLOGY AND ENVIRONMENT
E & E is a global environmental consulting firm consisting of dedicated professionals and industry leaders in scientific, engineering, and planning disciplines who work collaboratively with clients to develop technically sound, science-based solutions to the leading environmental challenges of our time. E & E is listed on the Nasdaq Stock Exchange under the ticker symbol EEI . Its website is www.ene.com. Information contained on that website shall not be deemed incorporated into this press release.
As one of the world's leading professional services firms, WSP provides engineering and design services to clients in the Transportation & Infrastructure, Property & Buildings, Environment, Power & Energy, Resources and Industry sectors, as well as offering strategic advisory services. Our experts include engineers, advisors, technicians, scientists, architects, planners, surveyors and environmental specialists, as well as other design, program and construction management professionals. With approximately 49,000 talented people globally, we are uniquely positioned to deliver successful and sustainable projects, wherever our clients need us. wsp.com
Certain information regarding WSP contained herein may constitute forward-looking statements. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements, including the closing of the Acquisition and the timing thereof, that are not statements of fact. Although WSP believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. WSP's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The complete version of the cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect WSP's actual or projected results are included in the Management’s Discussion and Analysis for the year ended December 31, 2018, which is available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and WSP does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Senior Vice President, Investor Relations and Communications
WSP Global Inc.
Tel: (438) 843-7548