On August 12, 2024, WSP Global Inc. agreed to acquire Power Engineers, Incorporated (POWER), a prominent U.S. consulting firm in the Power & Energy (P&E) sector, for approximately US1.78 billion (approximately C$2.44 billion). The deal, unanimously approved by both companies' boards, aims to bolster WSP's P&E services, aligning with its 2022-2024 Global Strategic Action Plan. Power Engineers, with nearly 50 years of experience and a workforce of about 4,000, will complement WSP's existing sectors and create new cross-selling opportunities. The transaction was valued at 15.2x POWER’s estimated 2024 pre-IFRS 16 adjusted EBITDA, or 12.5x post-synergies.

The acquisition is set to be funded through US$1,780 million in new term loans and an equity raise of US$1,000 million, including a US$500 million public offering and US$500 million in private placements.

WSP's advisors include Perella Weinberg Partners and the Environmental Financial Consulting Group, with legal counsel from Skadden, Arps, Slate, Meagher & Flom LLP and Stikeman Elliott LLP. AEC Advisors served as POWER’s financial advisor, with Katten Muchin Rosenman LLP providing legal counsel. The deal is expected to close in early Q4 2024, subject to customary conditions, including regulatory approvals and shareholder consent.