WSP to buy industrial water segment from oilfield service giant Schlumberger
Montreal-based firm to boost presence in South America with deal
MONTREAL—WSP Global Inc. has reached an agreement with Schlumberger Ltd. to acquire the oilfield service company’s industrial water consultancy business.
Consisting of approximately 250 employees, the segment provides specialized water consulting services to companies worldwide.
“The industrial water consultancy team will bring WSP an increased presence in the attractive global water market, more specifically, in the supply, management, control and environmental protection of water,” Alexandre L’Heureux, the company’s soon-to-be president and CEO, said.
WSP did not disclose the value of the transaction, but said it will finance the deal through available cash.
The Montreal-based company expects the deal to significantly add to its presence in South America—particularly in Chile and Peru. It will also build its footprint in the U.S., the U.K., Colombia and Mexico.
The deal remains subject to customary closing conditions and is expected to close in the third quarter of this year.