MONTREAL, Aug. 02, 2022 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) has entered into an agreement to acquire two UK-based businesses: Capita Real Estate and Infrastructure Ltd. (“Capita REI”) and GL Hearn Ltd. (“GLH”), both owned by Capita plc. for an aggregate cash consideration of GBP 60 million. The transaction is expected to close upon receipt of regulatory approvals and within approximately six to eight weeks.
Capita REI is a leading provider of specialist advisory, design, engineering, environmental and project management services for land, building and infrastructure owners, while GLH provides cross-sector advice to developers and investors. Together, both businesses will add around 1,000 UK-based employees to WSP’s workforce, reinforcing its existing service offering within the country and expanding its strategic advisory offering.
“We are pleased with the opportunity to have both Capita REI and GLH join WSP. We view our market sector strengths as highly complementary and conducive to augmenting our value proposition while accelerating the growth potential of our UK business,” said Alexandre L’Heureux, WSP’s President and Chief Executive Officer.
“By joining forces, we will be bringing together leading businesses with matching capabilities and cultures,” added Mark Naysmith, CEO of WSP UK, Europe, Middle East and Africa. “In line with our strategic ambitions, this acquisition will boost our expertise in our core markets, including transport, building, and environment. It will also help us to diversify our strategic advisory services into adjacent markets.”
Dave Spencer, Managing Director of Capita’s Property and infrastructure consultancies offered this assessment: “Joining WSP will allow both the Capita REI and GL Hearn businesses to provide better client support whilst growing our collective market share via the tremendous expertise of our combined teams. Being part of one of the world’s leading property and infrastructure services firms will give us access to a greater range and scale of projects, as well as to new career opportunities for our people, and all those with ambitions to join us.”
ABOUT CAPITA REI AND GLH
Capita Real Estate and Infrastructure (REI) is a leading UK-based provider of specialist advisory, design, engineering, environmental and project management services for land, building and infrastructure owners.
GL Hearn (GLH) is a leading real estate consultancy with a 100-year track record in providing cross-sector advisory services to developers, investors and occupiers across business rates and valuation, planning and development, and lease advisory.
As one of the world’s leading professional services firms, WSP exists to future-proof our cities and environment. We provide strategic advisory, engineering and design services to clients in the transportation, infrastructure, environment, building, power, energy, water, mining and resources sectors. Our 55,000 trusted professionals are united by the common purpose of creating positive, long-lasting impacts on the communities we serve through a culture of innovation, integrity and inclusion. Sustainability and science permeate our work. WSP derived about half of its $10.3B (CAD) 2021 revenues from clean sources. The Corporation's shares are listed on the Toronto Stock Exchange (TSX: WSP). To find out more, visit wsp.com
Certain information regarding WSP contained herein may constitute forward-looking statements. Forward-looking statements may include estimates, plans, objectives, expectations, opinions, forecasts, projections, guidance, outlook or other statements that are not statements of fact, including statements regarding the sufficiency of WSP’s liquidity and working capital requirements for the foreseeable future. Forward-looking statements made by the Corporation in this press release are based on a number of assumptions believed by the Corporation to be reasonable as at August 2, 2022, including assumptions about general economic and political conditions; the state of the global economy and the economies of the regions in which the Corporation operates; the state of and access to global and local capital and credit markets; the anticipated impacts of the COVID-19 pandemic on the Corporation’s businesses, operating results, cash flows and/or financial condition, including the effect of measures implemented as a result of the COVID-19 pandemic.
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, including risks relating to the COVID-19 pandemic. 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 risk factors, which, if realized, could cause the Corporation's actual results to differ materially from those expressed or implied in forward-looking statements, are included in the amended Management’s Discussion and Analysis for the year ended December 31, 2021, and the Management’s Discussion and Analysis for the quarter ended April 2, 2022, which are 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:
Chief Financial Officer
WSP Global Inc.
Phone: 438 843-7317