MONTREAL, Dec. 08, 2022 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) announced today that it has entered into an agreement to acquire enstruct, a 75-employee structural engineering firm with offices in Sydney, Melbourne, and Brisbane, noted for designing and delivering quality building projects throughout Australia.
Although still subject to regulatory approvals and other customary closing conditions, the transaction is expected to be completed by the end of the first quarter of 2023.
“We are excited about joining forces with enstruct as it will strengthen our structural business in Sydney and provide relevant structural engineering capabilities that tie in strategically within our Properties & Buildings sector’s ambitions,” said Alexandre L’Heureux, WSP’s President and CEO. “The people at enstruct are highly regarded and will deepen our technical skills in the Australian market. I look forward to welcoming them to WSP.”
“Our firms have a highly complementary client base, a common focus on the healthcare, education, defence and transport sectors and a shared commitment to excellence.” said Guy Templeton, WSP’s CEO, Asia Pacific. “This acquisition represents a significant opportunity to provide enhanced structural engineering services to our clients, while making a lasting and positive impact on our community.”
“Like WSP, we focus on delivering outstanding projects that combine innovation and quality,” said Ross Clarke, enstruct’s Founder and Managing Director. “Combining our two teams means we can keep on delivering the personalized client service and leading structural engineering solutions for which we are known while offering our clients access to the expanded network of expertise, digital tools, and resources now available to us as part of WSP.”
enstruct is a specialized structural and civil engineering firm with a workforce of 75 employees in Sydney, Melbourne, and Brisbane. Formed in 2000 by a group of like-minded engineers with experience designing and delivering landmark building projects throughout Australia, enstruct has become a leading consultant thanks to its innovative and pragmatic approach.
As one of the world's leading professional services firms, WSP exists to future-proof our cities and our environment. It provides strategic advisory, engineering, and design services to clients in the transportation, infrastructure, environment, building, power, energy, water, mining, and resource sectors. Its 65,000 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 its work. WSP derived about half of its $10.3B (CAD) 2021 revenues from clean sources. Its shares are listed on the Toronto Stock Exchange (TSX: WSP). To find out more, please visit www.wsp.com
This press release contains information or statements that are or may be “forward-looking statements” within the meaning of applicable Canadian securities laws. When used in this press release, the words “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “forecast”, “project”, “intend”, “target”, “potential”, “continue” or the negative of these terms or terminology of a similar nature as they relate to the Corporation, an affiliate of the Corporation or the combined firm following the acquisition of enstruct, are intended to identify forward-looking statements. Forward-looking statements in this press release include, without limitation, those information and statements related to the proposed acquisition of enstruct, the attractiveness of the acquisition of enstruct; the strength, complementarity and compatibility of enstruct’s business with WSP’s existing business and teams; other anticipated benefits of acquisition of enstruct; WSP’s leadership position in its markets; and statements relating to the Corporation’s future growth, results of operations, performance business, prospects and opportunities, the anticipated timing of completion of the acquisition of enstruct and other statements that are not historical facts. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that they will prove to be 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 and uncertainties relating to WSP’s inability to successfully integrate the enstruct business upon completion of the transaction; the possible delay or failure to close the acquisition of enstruct; the potential failure to realize anticipated benefits from the acquisition of enstruct; WSP’s reliance upon information provided by enstruct in connection with the proposed transaction; potential undisclosed costs or liabilities associated with the acquisition of enstruct and other factors discussed or referred to in the “Risk Factors” section of WSP’s Management’s Discussion and Analysis for the year ended December 31, 2021, and WSP's Management’s Discussion and Analysis for the nine-month period ended October 1, 2022 (together, the “MD&As”), which are available under WSP’s profile on SEDAR at www.sedar.com. The foregoing list is not exhaustive and other unknown or unpredictable factors could also have a material adverse effect on the performance or results of WSP.
Forward-looking statements made by the Corporation are based on a number of assumptions believed by the Corporation to be reasonable as at the date of this news release or MD&As, as applicable, including assumptions about the satisfaction of all closing conditions including obtaining regulatory approvals within the anticipated timeframe; WSP’s ability to achieve synergies and maintain market position arising from successful integration plans relating to the acquisition of enstruct; WSP’s ability to attract and retain key employees in connection with the enstruct acquisition; management’s estimates and expectations in relation to future economic and business conditions; the accuracy and completeness of disclosure by enstruct; and other factors discussed or referred to in the “Risk Factors” section of WSP’s MD&As, which are available under WSP’s profile on SEDAR at www.sedar.com. If any of these assumptions prove to be inaccurate, the Corporation’s actual results could differ materially from those expressed or implied in forward-looking statements.
WSP’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. For additional information on this 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, reference is made to the MD&As, 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 except as required under applicable securities laws, WSP does not undertake to update or revise these forward-looking statements, whether written or verbal, that may be made from time to time by itself or on its behalf, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by these cautionary statements.
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