The Caisse de dépôt et placement du Québec announced Monday an investment of $158 million in WSP Global that will allow the company to acquire POWER Engineers, an American engineering firm that works in the energy sector.
This transaction is worth $2.4 billion and will allow WSP, an engineering firm based in Montreal, “to strengthen its presence in the energy sector and to rise to the top of the world leaders in this segment with the addition of approximately 4,000 professionals specialized in this sector,” the CDPQ indicated in a press release.
She says the acquisition is complementary to WSP’s three other growth segments: transportation and infrastructure, earth sciences and environment, and construction.
“With this investment, CDPQ is reaffirming its long-standing commitment to WSP to enable it to take a position of influence in the global energy sector and contribute to the ongoing transition,” said Kim Thomassin, Senior Vice President and Head of Quebec at CDPQ.
She added that this transaction “is part of our strategy which aims to support the international expansion of companies firmly anchored in Quebec and to promote their sustainable growth.”
“This acquisition will place us at the forefront of the energy transition,” assured Alexandre L’Heureux, President and CEO of WSP.
CDPQ is WSP’s main shareholder. This is CDPQ’s eighth investment in WSP since 2011.