WSP offers to buy U.K. project management firm Sweett Group for $46M
London-based company with an 88-year history employs 600 people
MONTREAL—Canadian engineering and construction firm WSP Global Inc. is reaching across the Atlantic to build out its project management portfolio.
The Montreal-based company, which has penned several big-ticket deals since its 2014 acquisition of Parsons Brinckerhoff, has offered to buy U.K. building and infrastructure services firm Sweett Group plc for 24 million pounds, or $46.1 million.
Offering a 52 per cent premium on the company’s May 24 closing price, the deal has been unanimously approved by Sweett’s board of directors, though it remains subject to shareholder approval.
In addition to project management, the London-based firm, which has a more than 80-year history, provides cost management, building surveying as well as specialist and advisory services for construction and infrastructure projects. It has approximately 600 employees, most located in the U.K.
“This transaction is a key step on WSP’s journey as a world class professional services organisation,” Paul Dollin, WSP’s COO, said. “The combination of skills and compatible cultures will provide a great foundation for the two organisations to work together constructively and enjoyably on selected projects, creating attractive and competitive solutions for our clients. This is a transaction that will truly benefit the business, our people and our clients.”
Along with building up its project management profile in Europe, WSP said the acquisition will help it cross-sell services to Sweett’s existing clients while providing its own existing customers a broader offering.