Creation of new world leader in the power & energy sector
MONTRÉAL, Aug. 12, 2024 /CNW/ - CDPQ announced an investment of $158 million in WSP Global Inc. (TSX: WSP), a leading global professional services firm to enable its acquisition of POWER Engineers, a major U.S. consulting firm specialized in the power & energy industry.
This strategic acquisition, valued at $2,4 billion, will enable WSP to strengthen its presence in the power & energy industry and, with the addition of around 4,000 professionals specialized in the field, to position itself at the head of global leaders in this segment. The integration of POWER Engineers into the WSP portfolio will complement its three other growing segments: transportation and infrastructure, earth and environment, and buildings.
"Through this investment, CDPQ is reaffirming its long-standing commitment to WSP, allowing the company to carve out an influential position in the global power & energy industry and contribute to the transition under way," said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. "It's in line with our strategy to support the international expansion of companies solidly anchored in Québec and to foster their sustainable growth."
"This acquisition places us at the front lines of the energy transition. I would like to underscore CDPQ's trust and commitment to our organization, as we plan to expand our scope and promote an even more sustainable future around the world," said Alexandre L'Heureux, President and Chief Executive Officer of WSP.
Since becoming a shareholder of WSP in 2011, CDPQ has supported the company in its expansion plan. Today's announcement represents the eighth investment financed by this institutional investor, including numerous transformational acquisitions. Following this transaction, CDPQ will remain the largest shareholder of the company.
ABOUT CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. CDPQ is active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ's net assets totalled CAD 434 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.
CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.
For more information
JEAN-BENOÎT HOUDE
Director, Public Relations
+ 1 514-652-4344
jbhoude@cdpq.com
SOURCE CDPQ
View original content: http://www.newswire.ca/en/releases/archive/August2024/12/c1460.html