Shareholders of Balfour Beatty Plc have given their approval to the sale of the company’s subsidiary Parsons Brinckerhoff to WSP Global Inc (TSX: WSP). As reported by Reuters in September, the US$1.24 billion deal is intended to increase the Montréal-based WSP’s footprint in the U.S. transportation sector. The Caisse de dépôt et placement du Québec and Canada Pension Plan Investment Board (CPPIB), which are long-time investors in WSP, are providing $400 million to fund the acquisition. It is expected to close in the fourth quarter.
Balfour Beatty Shareholders Approve WSP’s Acquisition of Parsons Brinckerhoff
MONTREAL, QUEBEC–(Marketwired – Oct. 28, 2014) – WSP Global Inc. (WSP.TO) (“WSP” or the “Corporation”) is pleased to announce that, at the general meeting of Balfour Beatty plc (“Balfour Beatty”)’s shareholders (the “Meeting”) which was held in London earlier today, shareholders approved WSP’s acquisition (the “Acquisition”) of all of the issued and outstanding capital stock of the entities comprising the business of Parsons Brinckerhoff Group Inc., the professional services division of Balfour Beatty.
The Acquisition, which was announced on September 3, 2014, constitutes a Class 1 transaction under the Listing Rules governing the listing of securities on the London Stock Exchange, and was therefore conditional upon, amongst other things, the approval of Balfour Beatty’s shareholders. Results of the proxy vote are available on Balfour Beatty’s website at www.balfourbeatty.com.
Subject to all conditions being approved, it is expected that the Acquisition will become effective during the fourth quarter of 2014.
Certain information regarding WSP contained herein may constitute forward-looking statements. Forward-looking statements may include statements with respect to, among other things, the Acquisition, estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although WSP believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions
that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. WSP’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and WSP does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.
WSP is one of the world’s leading professional services firms in its industry, working with governments, businesses, architects and planners and providing integrated solutions across many disciplines. The firm provides services to transform the built environment and restore the natural environment, and its expertise ranges from environmental remediation to urban planning, from engineering iconic buildings to designing sustainable transport networks, and from developing the energy sources of the future to enabling new ways of extracting essential resources. It has approximately 17,500 employees, mainly engineers,
technicians, scientists, architects, planners, surveyors, other design professionals, as well as various environmental experts, based in more than 300 offices, across 30 countries, on 5 continents.
President and CEO
(514) 340-0046, ext. 5104
Director, Communications and Investor Relations
WSP Global Inc.
(514) 343-0046 ext. 5648
Photo courtesy of Parsons Brinckerhoff