First publishedon www.ITSInternational.com
WSP is set to acquire US international professional services firm Louis Berger in a deal valued $400m. The transaction will add 5,000 employees to WSP and increase its reach in the US, Europe, the Middle East and Latin America.
Through the agreement, WSP intends to continue Louis Berger’s restructuring of its international operations and expects to incur $50m in one-time integration and restructuring costs in the coming years.
Alexandre L’Heureux, president and chief executive officer of WSP, says the transaction will increase the company’s exposure to the US Federal sector through Louis Berger’s experience in governmental contracts.
The acquisition is expected to close in the fourth quarter of 2018 and is subject to customary closing conditions which include regulatory approvals and the completion of administrative actions.
The purchase will be financed by an underwritten term loan from Canadian Imperial Bank of Commerce.