WSP to acquire Power Engineers
August 13, 2024
By CCE Staff
Logos courtesy WSP and Power Engineers.
Montreal-headquartered WSP has entered an agreement to acquire Power Engineers, a U.S.-based engineering and environmental consulting firm best-known for serving the power and energy sector, for approximately $2.4 billion.
The proposed acquisition, which has been unanimously approved by the boards of directors of both firms, is a strategic move to double the scale of WSP’s power and energy services, better position the firm at the forefront of the sector and significantly amplify its U.S. footprint.
For its part, WSP—which employs 69,300 professionals around the world—says it aims to be “the pre-eminent pure-play global consulting firm for the energy transition, poised to leverage the projected US$21.4-trillion global investment in electricity grids by 2050.”
Headquartered in Hailey, Idaho, Power Engineers has 50 offices and more than 4,000 employees across North America, including some 900 shareholders. Since its founding in 1976, it has served clients in power generation and delivery, food and beverages, government, renewable energy, energy storage, campus energy, chemicals, oil and gas, including many major utilities. The employee-owned firm has enjoyed more than 10 years of double-digit organic growth.
Following the acquisition, Power Engineers president and chief operating officer (COO) Holger Peller will lead WSP’s power and energy business.
“By uniting WSP’s extensive global network and Power Engineers’ deep technical expertise, we are poised to foster significant advancements in the communities we serve,” says WSP president and CEO Alexandre L’Heureux. “The trust of our shareholders will empower us as we expand our reach and power a sustainable future.”
“By joining forces, we can supercharge our ability to help clients adapt to the changing energy landscape and provide more opportunities for our team members,” adds Power Engineers CEO Jim Haynes.
The acquisition is expected to be completed in the early fourth quarter (Q4) of 2024, subject to the satisfaction of closing conditions, including regulatory approval in the U.S.
