Ontario Construction News staff writer
WSP Global Inc. is buying Ontario’s Golder Associates for about $1.5 billion, which the Quebec company says will result in the creation of the world’s leading environmental consulting firms.
The Transaction is expected to close in the first half of 2021, subject to obtaining the final approval of the Supreme Court of Nova Scotia, the approval of the Golder shareholders, certain regulatory approvals and satisfaction or waiver of customary closing conditions.
The Montreal-based engineering services firm’s shares surged nearly 15 per cent to $111.17 in midday trading after the announcement last Thursday, down slightly from a record high set in early trading on the Toronto Stock Exchange.
WSP chief executive Alexandre L’Heureux says the deal positions WSP to capitalize on the rapidly growing trends in ESG (environment, society and governance) that is driving demand for environmental services and sustainable infrastructure development.
“This transforms the company and puts WSP in a different stratosphere,” chief executive Alexandre L’Heureux is quoted saying in The Star. “Today we become the world’s most important company in environmental and earth services.”
The agreement positions WSP to capitalize on the rapidly growing trends in ESG (environment, society and governance) that is driving demand for environmental services and sustainable infrastructure development.
“The timing couldn’t be better for WSP and a Quebec company like ours to take a global leadership in this transition,” L’Heureux told The Star.
After the deal closes, 14,000 of WSP’s 54,000 employees will be focused on accelerating the transition to green solutions, he says.
The environment sector will account for about 35 per cent of WSP’s total annual revenues of $8 billion.
Founded in 1960, Mississauga-based Golder provides engineering services in industries such as the environment, mining, oil and gas, and energy and infrastructure. It is present in 30 countries with 7,000 employees in 155 offices.