TWIA Commercial Property & Casualty
WSP to acquire Power Engineers for $1.78B
Aug
Dive Brief:
- WSP has agreed to spend $1.78 billion to acquire Power Engineers Inc., a Hailey, Idaho-based consulting firm with a leading presence in the power and energy sector, the companies announced Monday.
- Power Engineers has about 4,000 employees and 50 offices, and has served prominent power utilities in North America. It also specializes in environmental consulting. The firm will operate under the Power brand for the foreseeable future and will be led globally by Holger Peller, Power’s current president and COO, per the release.
- The purchase is expected to complement Montreal-based engineering and design giant WSP’s existing three core sectors: Transport & Infrastructure, Property & Buildings and Earth & Environment, according to the release.
Dive Insight:
WSP has been on a buying spree in recent years, and in its recent second quarter earnings call, CEO and President Alexandre L’Heureux said acquisitions remain a critical part of accelerating the firm’s growth and expanding its capabilities.
The Power Engineers announcement follows four WSP acquisitions from earlier this year:
- New York City-based AKF, a mechanical, electrical and plumbing firm that designs complex healthcare, science and technology and mission-critical facilities.
- Finnish rail consultancies Proxion Pro and Proxion Plan.
- Communica Public Affairs, one of Canada’s leading Indigenous and stakeholder engagement and information management consulting firms.
- 1A Ingenieros, a Spanish consulting firm operating mainly in the power and energy sector.
WSP is expanding its power and energy expertise to take advantage of the global shift towards cleaner energy, L’Heureux said in previous earnings calls.
“The acquisition will mark a transformative step that will position us at the forefront of the energy transition,” L’Heureux said in the release. “This opportunity brings forth a wealth of strategic benefits, including an expanded suite of innovative solutions for our clients and continuous professional growth opportunities for our employees.”
The merger is subject to the approval of Power’s shareholders and regulatory approval in the U.S., per the release, and the closing of the transaction is anticipated in early Q4 2024.
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