WSP has announced that it is to acquire Canadian engineering consultancy MMM for $425M (£204M).
MMM generated £127M in net revenues last year with about 75% of its income coming from Ontario. It has about 2,000 employees in 18 offices across seven provinces and, following the closing of the acquisition, will increase the number of WSP staff to around 8,500.
WSP said that MMM was recognised for its expertise in transportation, infrastructure and the environment, and for capabilities in public-private partnerships (PPP) particularly in the delivery of large-scale, complex projects involving transport, highways, bridges, transit, airports and buildings.
WSP Canada president and chief executive David Ackert said: “We are pleased to join forces with MMM, which is recognised as a highly successful firm nationally, with a particularly strong Greater Toronto Area market presence.
“We believe that this acquisition provides a unique opportunity for our clients, employees and shareholders to benefit from MMM’s deep experience in the [PPP] industry.
“This acquisition perfectly fits within the priorities of our Canadian growth strategy, which is focused on becoming a top player across the country, in all the sectors in which we operate.”
MMM chief executive officer Hugo Blasutta added: “This transaction supports the realisation of both companies’ strategic aims and provides MMM a strong platform for continued growth both in Canada and internationally.
“We believe it will provide our employees and our clients with enhanced opportunities and we expect to achieve increased prominence globally in the areas in which we excel. Having been immensely proud to lead MMM for several years, we now look forward to working with the entire WSP team to deliver value to all stakeholders.”