899 0 Kommentare WSP to Acquire Golder Creating the Leading Global Environmental Consulting Firm - Seite 2

Also commenting on the Acquisition, Dr. Hisham Mahmoud, Global President and Chief Executive Officer of Golder said, “Over the last 60 years, Golder has been on a journey where we have built one of the most successful and respected brands in the industry. Combining Golder’s industry-leading expertise with WSP’s impressive world-class platform and highly complementary services will provide long-term benefits for our people and help create greater value for our clients. This view is echoed and confirmed by the overwhelming support of our Partners for the transaction. I believe that the compatible cultures and values of WSP and Golder will facilitate a successful integration.”

FINANCIAL HIGHLIGHTS

Acquisition of Golder for an enterprise value of US$1.14B (approx. CAD$ 1.5B) representing 10.4x Golder’s 2020 pre-IFRS 16 adjusted EBITDA or 8.4x post-synergies⁽²^,4).
Immediately accretive⁽²⁾ to WSP's adjusted earnings per share⁽³⁾, with accretion⁽²⁾ increasing to the mid-teens once synergies are fully realized⁽⁴⁾.
Annual cost synergies of approximately $35 million expected to be achieved over a 24-month period with 50% to be realized within the first twelve months after the closing date. Costs required to realize such annual cost synergies estimated not to exceed $35 million in the aggregate⁽⁴⁾.
Private placements of C$310 million of subscription receipts (at a price of $92.98 per subscription receipt) supported by a C$260 million investment by GIC Private Limited (“GIC”), one of the world’s largest sovereign wealth funds, with an established global network, and a C$50 million investment by British Columbia Investment Management Corporation (“BCI”), one of Canada's largest institutional investors with a global portfolio of more than C$170 billion.
Remaining portion of the acquisition funded from a new US$960 million (approximately C$1.2 billion) underwritten bank financing, expected to result in an estimated 1.3x pro forma net debt to adjusted EBITDA ratio⁽²^,4⁾ upon closing, remaining within WSP’s targeted leverage range of 1.0x to 2.0x.
Acquisition expected to be completed in the first half of the second quarter of 2021.