WSP closes $425M MMM deal
Engineering consulting firm hopes to continue growth under WSP banner
MONTREAL—WSP Global Inc. has completed its acquisition of MMM Group Ltd., which was one of the largest private consulting companies in Canada.
“I am delighted about this acquisition and that our two firms are joining forces,” David Ackert, president and CEO of WSP in Canada, said. “The coming together of these two like-minded firms will enable us to pursue our growth strategy and strengthen our foundation across Canada by increasing our ability to deliver superior value to our clients, shareholders and employees.”
MMM has approximately 2,000 employees and expects to have the opportunity to continue growing under the WSP banner.
WSP paid the $425 million purchase price largely in cash and by issuing shares to MMM employees.
“We are pleased that our shareholders have expressed overwhelming support for this acquisition. On behalf of MMM’s Board and management, I would like to thank them for their invaluable support throughout this process,” Hugo Blasutta, CEO of MMM, said. “As we join WSP, a firm with similar values to MMM and a complementary business model, we will have an opportunity to continue our journey of growth. We also look forward to providing additional value for our employees and clients through our enhanced expertise and expanded network”.