Canadian engineering consultancy Genivar has announced it will merge with its UK-based rival WSP.
Genivar will acquire all of WSP’s shares for around £278 million.
The companies said that given their complementary geographic footprints, end-market exposures and service offerings and limited client overlap, the business fit is expected to provide revenue diversification as well as enhanced capabilities to better serve their combined client base on a global basis.
Genivar is a leading Canadian professional services firm providing private and public sector clients with services in planning, engineering, surveying, environmental sciences, and projects and construction management, as well as architecture through strategic alliances. The company employs more than 5,500 people in over 100 cities in Canada and abroad.
WSP is a multi-disciplinary professional services consultancy specialising in property, transport and infrastructure, industry, energy and environment projects, providing a full range of services from planning to design, delivery and asset management. WSP has over 9,000 employees working from 200 offices in over 30 countries.
Commenting on the merger, Ian Barlow, chairman of WSP, said: “This transaction supports the realisation of both companies’ strategic aims and provides a strong global platform for growth. The board of WSP believes that the combination represents an attractive proposition for WSP shareholders, which crystallises, in cash, a value which reflects the future growth potential of WSP.”
Commenting on the merger, Pierre Shoiry, president and chief executive officer of Genivar said: “This landmark transaction is an important milestone in the history of Genivar. We are very excited to join forces with WSP and have Chris Cole become executive chairman of the board of directors upon completion of the Merger. Genivar and WSP are highly compatible in terms of culture and strategic objectives. They are both pure play consulting firms, sharing similar values with respect to people, clients and teamwork.
“We believe that the combination provides a unique opportunity for our clients, employees and shareholders to benefit from the global scale and breadth of services offered by the combined entity. Through the combination of our firms, we are creating one of the world’s leading professional services firms. Moreover, our firms are complementary with limited geographical overlap, combining talented teams to enhance the leadership and expertise of the global organisation.”
