Toronto-listed engineer WSP Global, Inc. has completed its acquisition of the 6,000-strong environment and infrastructure business (“E&I”) of UK-headquartered John Wood Group plc for $1.8bn.
E&I provides engineering and environmental management services mainly in the US, Canada, and the UK, with a secondary presence in Latin America and Europe.
“This transaction will … enable us to further seize opportunities in the fast-growing environmental and water sectors,” said Alexandre L’Heureux, WSP’s chief executive.
E&I executive president Joe Sczurko said: “We are now an industry leader at a time when environmental and infrastructure needs are a global priority.”
E&I was formed through various acquisitions under Amec and Foster Wheeler between 2008 and 2014, and was later acquired through Wood’s purchase of Amec Foster Wheeler.
Wood said the sale “has reduced the Group’s net debt and has restored our financial flexibility”.
“We are currently exploring our capital allocation options, with a particular focus on options that will improve free cash flow generation,” it added.