WSP announced it has entered into an agreement to acquire Power Engineers, Incorporated a U.S. consulting firm with a leading presence in the power and energy (P&E) sector.
The acquisition, with a purchase price of US$1.780 million, has been unanimously approved by the boards of directors of both companies.
Based in Hailey, Idaho, the 50-year-old company with a team of approximately 4,000 employees, including approximately 900 shareholders, has a proven track record of serving the most prominent power utilities in North America.
According to WSP, once the proposed acquisition is closed, the integration of Power is expected to complement WSP’s existing three core sectors: Transport & Infrastructure, Property & Buildings, and Earth & Environment; it will also create extensive cross-selling opportunities. Welcoming Power to our already strong P&E platform, which will be led globally by Holger Peller, the current President and COO of Power, is anticipated to drive accelerated growth.
“The acquisition will mark a transformative step that will position us at the forefront of the energy transition. This opportunity brings forth a wealth of strategic benefits, including an expanded suite of innovative solutions for our clients and continuous professional growth opportunities for our employees,” said Alexandre L’Heureux president and CEO of WSP. “By uniting WSP’s extensive global network and Power’s deep technical expertise, we are poised to provide exceptional solutions and service quality to foster significant advancements in the communities we serve. The trust of our shareholders and our commitment to excellence will empower us to influence the future of the energy sector as we plan to expand our reach and power a sustainable future across the globe.”
Also commenting on the acquisition, Jim Haynes, CEO of Power said: “Power and WSP truly are stronger together. By joining forces, we can supercharge our ability to help clients and communities around the world adapt to the changing energy landscape—and provide more opportunities for our team members to work on the most challenging projects. We’re looking forward to building success together with WSP.”
