Canadian engineer WSP is to buy a water consultancy business from oil services giant Schlumberger.
Alexandre L’Heureux, WSP’s chief executive (WSP)
This 250-employee business will enable WSP to "provide water consulting services and project solutions to industrial clients worldwide and will establish a presence for WSP in Chile and Peru".
Alexandre L’Heureux, WSP’s chief executive, said: "This transaction, which will be financed using our available cash, is aligned with our growth strategy; not only are we deepening our expertise in the industrial water sector, but we are strengthening our presence in South America, a region we are targeting in our 2015-2018 strategic plan."
The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2016.
WSP recently announced its acquisition of the UK’s Sweett Group, after which shares in Sweet rose by 49%.