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WSP Completes the Previously Announced Acquisition of Parsons Brinckerhoff

The acquisition of Parsons Brinckerhoff is now complete, creating one of the largest pure-play multidisciplinary consulting firms worldwide, with combined revenue of $4.8 billion ($3.8 billion net).

 

After the acquitision, the combined entity has approximately 31,500 employees in 500 offices across 39 countries. Parsons Brinckerhoff was purchased from Balfour Beatty plc for US$1,310.2 million, which was paid in cash.

"I am pleased with this acquisition, which reinforces our leadership position in the industry, with the ability to deliver more expertise and services to our client base across the world," said Pierre Shoiry, President and Chief Executive Officer of the new combined entity.  "We will now focus on merging our respective businesses and on generating revenue synergies, such as, in the rail sector, where we see an opportunity to combine WSP’s expertise in above ground station and platform design, with Parsons Brinckerhoff’s expertise in tunnelling and underground technology; or in the aviation sector, where our expertise in land and air side are complementary."

Upon closing, George J. Pierson, President and Chief Executive Officer of Parsons Brinckerhoff, was appointed executive director of the Corporation. As such, he will pursue his active role in the organization as CEO of Parsons Brinckerhoff, while ensuring continuity and seamless integration at the highest level as director of the Corporation. Mr. Pierson will transition from CEO of Parsons Brinckerhoff to a non-executive director position at the end of the year.

 The two companies share similar values and a commitment to technical expertise and excellent client care. The merging will be done with care and is simplified by the fact that both Parsons Brinckerhoff and WSP have similar operating models and there is minimal overlap in their expertise and day to day operations. Existing relationships with people within both businesses will remain the same and contractually clients should be unaffected by the transaction – for now it will be business as usual. The head office will remain in Montreal, Canada.

Both companies appreciate the strong recognition of each other’s brands in the global market place. Therefore WSP and Parsons Brinckerhoff will continue to operate under their existing brands for an undetermined period of time.

Further announcements regarding the transition will be made in the coming weeks.

More details regarding the transaction can be found in the press release.