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WSP to buy Sweett

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WSP Parsons Brinckerhoff is set to buy infrastructure services firm Sweett Group.

The engineering consultancy said it had reached an agreement with the directors of Sweett to acquire the company in a £24M cash deal.

Sweett employs about 600 people, mainly in the UK, and recorded revenue in excess of £50M in the year to 31 March 2015.

Incoming WSP Parsons Brinkerhoff chief executive Alexandre L’Heureux said: “This transaction fulfils our strategic ambitions of enhancing our project and cost management services, and positions our combined group as a leading global consultancy.

“WSP and Sweett operate a similar business model of global knowhow, local delivery and are highly compatible in terms of strategic objectives, being both pure play consulting firms.”

Sweett chief executive Douglas McCormick added: “I believe this transaction will provide Sweett, our staff and our clients with enhanced opportunities and the combined entity will achieve increased prominence in the global markets in which we work.

“By joining WSP, this will provide the company with a stronger platform, both operationally and financially, for growth in the years ahead.”

Sweett directors intend unanimously to recommend that Sweett shareholders vote in favour of the deal at a meeting to approve it.

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