August 3, 2012
British court approves $438 million Genivar acquisition of WSP Group
Montreal engineering firm Genivar Inc. announced Tuesday that the High Court of Justice in England and Wales has sanctioned Genivar’s proposed $438-million acquisition of London-based WSP Group PLC.
In June, Genivar recommended an offer to pay WSP shareholders 278 million British Pounds, (worth $438 million as of July 31), based on 4.35 Pounds per share, to acquire WSP Group. At the exchange rates at the time of the original announcement, the deal was worth $442 million.
On Tuesday, Genivar stated the High Court of Justice “made an order sanctioning the scheme of arrangement under Part 26 of the U.K. Companies Act 2006.” The transaction is expected to close after the order from the court is delivered Wednesday.
When it initially announced the acquisition in June, Genivar said the merged firm will have 14,500 employees in more than 30 countries and will be the 18th largest global design firm. Genivar president and CEO Pierre Shoiry will stay on in the same capacity while WSP CEO Christopher Cole will become executive chairman of the board.
Other recent Genivar acquisitions include:
• North 46 Architecture Inc. of Charlottetown, Prince Edward Island;
• GRB Engineering Ltd. of Calgary, which provides engineering services and project management for the oil and gas industry;
• Smith Carter Architects and Engineers Inc. of Winnipeg, whose projects include the Canadian Museum for Human Rights and the Women's Hospital at the Winnipeg Health;
• Quebec mechanical and electrical engineering firm Les Investissements R.J. Inc.; and
• GRB Engineering Ltd., which provides services for the oil and gas industry.
Genivar reported revenues of $163.736 million during the first three months of 2012.
In December, Genivar raised nearly $160 million by issuing shares to the Canada Pension Plan Investment Board and the Caisse de depot et placement du Quebec. That deal brought CPPIB and Caisse's ownership to nearly 10 per cent each.
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