Canadian engineer WSP has entered into a US$320m "arrangement agreement" to acquire another Canadian engineer, MMM Group.
MMM is one of the largest privately-owned engineering consulting companies in Canada with approximately 2,000 employees in 18 offices. It specialises in transportation, infrastructure and environment, and building.
MMM is also a leader in large scale public-private partnerships.
With the addition of MMM, WSP now has an even stronger and attractive global platform of 34,000 people and we anticipate continued consolidation in our industry– Pierre Shoiry, WSP President
Hugo Blasutta, MMM CEO said: "This transaction supports the realisation of both companies’ strategic aims and offers MMM a strong platform for continued growth both in Canada and internationally.
"We believe it will provide our employees and our clients with enhanced opportunities and we expect to achieve increased prominence globally in the areas in which we excel.
"Having been immensely proud to lead MMM for several years, we now look forward to working with the entire WSP team to deliver value to all stakeholders."
Blasutta will join the corporate team of WSP and Parsons Brinckerhoff. Â
Pierre Shoiry, President of WSP and Parsons Brinckerhoff, said: "With the addition of MMM, WSP now has an even stronger and attractive global platform of 34,000 people and we anticipate continued consolidation in our industry.
"We are also pleased with the support of our investors that enable us to maintain a strong balance sheet and respond quickly to opportunities that enhance our technical skills and fulfill our strategic objectives."
WSP’s recent second quarter results show sales up 150% after winning the race to buy Parsons Brinckerhoff from Balfour Beatty last year.
Image: MMM’s Port Mann/Highway 1 Improvement Project, Vancouver, Canada