An employee-owned company based in Hailey, Idaho, has sold to a firm in Montreal, Quebec, in a deal worth $1.78 billion.
POWER Engineers, Inc., announced it has entered into a merger agreement with the Canadian-based consulting company. If approved by POWER’s shareholders and U.S. regulatory authorities, the transaction should be completed early in Q4 of 2024.
POWER describes itself as a “global consulting engineering and environmental firm specializing in integrated solutions for clients in the energy, renewables, food and beverage, government agribusiness and oil and gas industries.” WSP bills itself as “one of the largest professional services firms in the world.” It provides advisory, engineering and design services for clients in transportation, infrastructure, environment, building, energy, water and mining sectors.
While POWER, founded in 1976, has 4,000 employee-owners in 50 offices across North America, WSP states it has 69,300 “trusted professionals” in its employ.
“POWER and WSP will truly be stronger together,” said Jim Haynes, POWER’s CEO. “By joining forces, we can expand 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 on the planet. We’re looking forward to building success together with WSP.”
According to a statement from POWER, Haynes will no longer be the CEO once the acquisition is complete, as the entirety of the company will be wholly owned by WSP, whose president CEO is Alexandre J. L’Heureux. Haynes will move into a consultancy role. POWER’s current Chief Operating Officer Holger Peller, who is also the company’s president, will become the Global Power and Energy Lead and will run WSP’s power and energy sector in the U.S., still operating as POWER Engineers.
“The acquisition will mark a transformative step that will position us at the forefront of the energy transition,” L’Heureux said. “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. 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 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.”
WSP was an employee-owned company until 2006 when it became publicly traded. POWER became employee-owned in 1998 when ownership changed from the original three founders of the company. “WSP is hugely committed to retaining our talented team members, which is part of the reason we chose them as a buyer,” a statement from POWER read.
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Publish date : 2024-08-13 04:24:00
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