MONTREAL, Dec. 31, 2019 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) today announced that, following the receipt of the required regulatory approvals and the satisfaction of the conditions to the merger agreement, it has completed its previously announced 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.
The purchase price payable in connection with the acquisition was approximately $US 65 million, plus a special dividend of approximately $US 2.2 million. It was paid in cash and was financed using WSP’s available cash and credit facilities.
“I am pleased with this transaction which brings together complementary firms with aligned strategic ambitions and a clear commitment to clients and employees,” commented Alexandre L’Heureux, WSP’s President and Chief Executive Officer. “This acquisition, which is in line with our 2019-2021 Global Strategic Plan, increases our reach in environment and expands our Strategic Advisory Services offering, positioning us closer to our clients as their strategic partner. Last, it enables us to increase our footprint in the United States, including in regions where we were willing to increase our presence. I would like to welcome all our new colleagues to the WSP family,” he added.
“We are proud and excited to join the WSP family, whose values and underlying culture are aligned with ours,” said Marshall Heinberg, E & E’s Executive Chairman. “This transaction will contribute to the achievement of E & E’s strategic goals and offers a solid foundation for continued growth in the United States and around the world. Since our operations are complementary, this will also create new opportunities for our employees and our clients.”
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 2019 $US 72.7 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 and the US Army Corps of Engineers.
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 50,000 talented people globally, we are uniquely positioned to deliver successful and sustainable projects, wherever our clients need us. www.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 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.
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WSP Global Inc.
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