MONTREAL—WSP Global Inc. has agreed to buy Parsons Brinckerhoff in a US$1.35 billion cash deal that will nearly double the size of the Montreal-based engineering consulting company.
WSP says it plans to become a global professional services firm with about 31,000 employees after adding about 13,500 employees from Parsons Brinckerhoff, which has 170 offices around the world.
It says Parsons Brinckerhoff’s expertise in transportation engineering will complement WSP’s focus on buildings.
Two of Canada’s largest pension funds, Canada Pension Plan Investment Board and Quebec-based Caisse de depot, will provide some of the financial backing required to pay for the acquisition.
The seller is Balfour Beatty PLC, a U.K-based group that will become focused on construction, asset management and investments.