On August 12, 2024, WSP Global Inc. announced a C$500 million subscription receipts offering to partially fund its US$1.78 billion (C$2.44 billion) acquisition of POWER Engineers, Incorporated, a U.S.-based consulting firm in the Power & Energy sector. The acquisition is expected to close in early Q4 2024, subject to shareholder and regulatory approvals.

Each C$204.50 subscription receipt converts into one WSP common share upon closing. The offering was conducted alongside a C$500.26 million concurrent private placement with GIC, Caisse de dépôt et placement du Québec (CDPQ), British Columbia Investment Management Corporation (BCI), and CPP Investments, bringing total proceeds to C$1 billion.

Underwriters included CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., J.P. Morgan Securities Canada Inc., Raymond James Ltd., ATB Securities Inc., Canaccord Genuity Corp., and Stifel Nicolaus Canada Inc. Legal advisors were Stikeman Elliott LLP (WSP, Canada), Skadden, Arps, Slate, Meagher & Flom LLP (WSP, U.S.), and Fasken Martineau DuMoulin LLP (underwriters).

The acquisition strengthens WSP’s energy transition expertise, adding 4,000 employees and expanding its U.S. footprint in critical infrastructure projects.