WSP Global Inc. has entered into an agreement to buy the industrial water consultancy business of Schlumberger, a global oilfield services company.
It is anticipated that the acquisition of the 250-employee business will enable WSP to bolster their offerings by providing water consulting services to industrial clients worldwide, as well as establishing a foothold for WSP in Chile and Peru. It will also enhance the company’s presence in a number of countries they currently operate in, including the Unites States, the United Kingdom, Colombia and Mexico.
Incoming President and Chief Executive Officer of WSP, Alexandre L'Heureux, commented: “The industrial water consultancy team will bring WSP an increased presence in the attractive global water market, more specifically, in the supply, management, control and environmental protection of water.
"This transaction, which will be financed using our available cash, is aligned with our growth strategy; not only are we deepening our expertise in the industrial water sector, but we are strengthening our presence in South America, a region we are targeting in our 2015-2018 strategic plan. We look forward to welcoming all new employees from this division."
Adding to L’Heureux’s comments, Business Manager of Schlumberger, John McCartney, said: "We are pleased about the prospect of joining WSP as our operations are complementary, and expect to create new career opportunities for our employees and our clients.
"Upon closing, we anticipate playing an active role in the development and growth of WSP's multi-disciplinary group in South America and to offer a wide range of additional services to our clients around the world."
The transaction is expected to close in Q3 of 2016 and is subject to customary closing conditions.