WSP to Acquire Golder Creating the Leading Global Environmental Consulting Firm
Strategic Environment platform uniquely positioned to capitalize on ESG trends and the related US$1.25
trillion Environmental market(1).
- Earth sciences and Environmental consulting services to represent c. 25% or $2 billion of WSP’s total $8 billion pro forma net revenues(2), achieving a key milestone of its 2019-2021 Global Strategic Plan.
- Enhances proportion of net revenues(3) from strategic advisory services to approximately half of WSP’s total net revenues(3).
- Immediately increases adjusted EBITDA margin(3) (pre-synergies) toward the higher end of its 2021 strategic ambitions.
- Highly complementary service offering and customer base provides significant cross-selling opportunities across all of WSP’s end-markets.
- Establishes long-term relationships with GIC, one of the world’s largest sovereign wealth funds with an established global network, and British Columbia Investment Management Corporation, one of Canada's largest institutional investors.
Transaction overwhelmingly supported by Golder’s Partners.
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MONTREAL, Dec. 03, 2020 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX:WSP) (“WSP” or the “Corporation”) is pleased to announce that it has reached another significant milestone of its journey by entering into an arrangement agreement (the “Arrangement Agreement”) providing for the acquisition (the “Acquisition”) of all of the issued and outstanding shares of Enterra Holdings Ltd., the holding company of Golder Associates (“Golder”). Under the terms of the Arrangement Agreement, WSP will acquire Golder for an aggregate cash consideration of US$1.14 billion (approximately C$1.5 billion) (the “Purchase Price”) representing 10.4x Golder’s 2020 pre-IFRS 16 adjusted EBITDA or 8.4x post-synergies(2,4).
“Together we will create the leading Global Environmental Consulting Firm with approximately 14,000 of our 54,000 professionals dedicated to accelerating the world’s green transition. The combination ideally positions WSP to capitalize on the rapidly growing ESG trends driving demand for environmental services and sustainable infrastructure development”, commented Alexandre L’Heureux, President and Chief Executive Officer of WSP. “WSP looks forward to welcoming Golder’s employees and joining forces with such a well-respected environmental consulting brand. Golder is a global leader in earth sciences and environmental services. This acquisition directly contributes to the realization of the goals we laid out in our 2019-2021 Global Strategic Plan and is expected to contribute to both strategic growth and value creation for many years to come. Furthermore, the strategic relationships with GIC and BCI mark another important milestone for WSP to actively continue our acquisition strategy”, he added.
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