WSP Global Inc. has announced it will acquire MMM Group, a private engineering services firm specializing in large-scale, complex P3 projects involving buildings, transportation and other operations.
In a $175 million bought deal public offering and a $125 million private placement, WSP will adopt 18 offices across seven provinces. Upon closing, WSP is expected to employ about 8,500 employees, with 3,200 located in Ontario. WSP is also poised to have net revenues of $1 billion in Canada.
WSP says the deal allows the company to leverage its global position in the P3 market and create a stronger presence in Ontario, specifically in the Greater Toronto Area where aging infrastructure and rapid population growth remain major issues.
“This acquisition perfectly fits within the priorities of our Canadian growth strategy, which is focused on becoming a top player across the country, in all the sectors in which we operate,” said David Ackert, president and chief executive officer of WSP Canada Inc.
Ackert will continue in his position at WSP Canada, while Hugo Blasutta, chief executive officer of MMM, will join the corporate team of WSP Global. His focus will be on supporting the Canadian integration process and working on strategic corporate development activities such as operational performance, leadership development, client initiatives and strategies.
