Engineer WSP is set to become the latest UK consultant to be taken over by an overseas buyer after it agreed to a sale to Canadian consultant Genivar in a deal worth £278m. WSP has worked on high profile projects including the Shard in London and the Birmingham Bullring.
It last year posted profits of £33m on revenue of £717m and has 9,000 staff spread across 30 countries. In contrast Genivar works primarily in its domestic Canadian market, and has 5,500 staff.
Building reported that the firms will continue to trade under their existing brands for the time being, with a view to renaming the combined group WSP Genivar “as soon as practical following completion of the merger.”
The merger will create a 15,000-strong professional services firm with a turnover of over £1.1bn.
The deal will see the combined firm listed on the Toronto stock exchange, with current WSP chief executive Chris Cole given the role of executive chairman of the combined entity. Pierre Shoiry and Alexandre L’Heureux, currently chief executive officer and chief financial officer of Genivar, will remain in those roles, says the magazine.
Chris Cole said the merger had come about after reviewing carefully options to best achieve the WSP’s growth aims. Building quoted Cole as saying: “An exceptional opportunity has arisen for WSP to merge with Genivar, a similarly ambitious entrepreneurial yet complementary Canadian consultancy. I believe this transaction will provide WSP, our staff and our clients with enhanced opportunities and the combined entity will achieve increased prominence in the global markets in which we work.”
The latest merger comes hot on the heels of the sale of the 136-year-old consultant Currie & Brown to Middle East-based Dar Group. The Currie & Brown brand is being retained.
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