WSP Closes the Acquisition of Louis Berger, a US-based International Professional Services Firm
MONTREAL, Dec. 18, 2018 (GLOBE NEWSWIRE) — WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) today announced that following the receipt of all required regulatory approvals and the satisfaction of all conditions to the acquisition agreement, it has completed its previously announced acquisition (the “Acquisition”) of Berger Group Holdings, Inc. (“Louis Berger”), the parent company of the group of companies doing business under the umbrella name of Louis Berger, a US-headquartered leading international professional services firm mainly active in the Transportation & Infrastructure and Environmental & Water sectors, as well as in Master Planning.
The purchase price payable in connection with the acquisition was US$400 million, which was paid in cash. It was financed by new term loans from a syndication of banks.
“I am pleased with this transaction which brings together two complementary organizations with aligned strategic ambitions and a resolute emphasis on clients and employees. As we focus on integration in the next few months, we will bring to the combined entity our experience of building a global consultancy with the added benefit of providing professional and personal development opportunities to our employees, while delivering long-term value to our shareholders,” commented Alexandre L’Heureux, WSP’s President and Chief Executive Officer. “Lastly, this Acquisition enables us to reach all of the objectives set out in our 2015-2018 Strategic Plan. Combined with the other acquisitions completed since the launch of the 2015-2018 Strategic Plan, we have added approximately 15,000 employees and $1.8 billion of net revenues – an accomplishment of which we are proud,” he added.
“We are proud and excited to join the WSP family,” said Jim Stamatis, Louis Berger’s Chief Executive Officer. “Our complementary technical expertise and expanded geographic reach bring incredible resources to our clients and exciting new opportunities for our employees. The completion of this transaction opens the door to a bright and transformative future.”
As one of the world’s leading professional services firms, WSP provides technical expertise and strategic advice to clients in the Transportation & Infrastructure, Property & Buildings, Environment, Industry, Resources (including Mining and Oil & Gas) and Energy sectors, as well as offering project and program delivery and 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 48,000 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, 2017, 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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