Power Engineers Shareholders Approve Acquisition by WSP

MONTREAL, Sept. 09, 2024 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) is pleased to announce that the shareholders of POWER Engineers, Incorporated (“POWER”) voted at their special meeting of shareholders in favour of the proposal to approve the previously announced acquisition of POWER by WSP (the “Acquisition”) pursuant to an agreement and plan of merger dated as of August 12, 2024 between WSP and POWER, among others.

The Acquisition received overwhelming support from POWER shareholders and was approved by over 99% of POWER shares voted at the special meeting, representing approximately 99% of the total issued and outstanding shares of POWER voted in favour of the Acquisition. This step marks an important milestone towards welcoming the POWER team to WSP.

Closing of the Acquisition remains subject to certain customary closing conditions, including receipt of regulatory approval in the U.S. The Acquisition is expected to be completed early in the fourth quarter of 2024.

FORWARD-LOOKING STATEMENTS
In addition to disclosure of historical information, WSP may make or provide statements or information in this press release that are not based on historical or current facts and which are considered to be forward-looking information or forward-looking statements (collectively, “forward-looking statements”) under Canadian securities laws. These forward-looking statements relate to future events or future performance and reflect the expectations of management of WSP (“Management”) regarding, without limitation, the growth, results of operations, performance and business prospects and opportunities of WSP or the trends affecting its industry.

This press release may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation, including about the pending Acquisition by WSP of POWER, the expected timing for the receipt of the regulatory approval and the closing of the Acquisition, and other statements that are not historical facts. Forward-looking statements can typically be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “forecast”, “project”, “intend”, “target”, “potential”, “continue” or the negative of these terms or terminology of a similar nature. Such forward-looking statements reflect current beliefs of Management and are based on certain factors and assumptions, which by their nature are subject to inherent risks and uncertainties. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that they will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties are discussed in the “Risk Factors” section of WSP’s Management and Discussion Analysis for the fourth quarter and year ended December 31, 2023, and WSP’s Management’s Discussion and Analysis for the second quarter and six-month period ended June 29, 2024 and filed on SEDAR+ at www.sedarplus.ca, as well as other risks detailed from time to time in reports filed by the Corporation with securities regulators or securities commissions or other documents that the Corporation makes public, which may cause events or results to differ materially from the results expressed or implied in any forward-looking statement.

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information contained herein is made as of the date of this press release, and the Corporation undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.

ABOUT WSP
As one of the largest professional services firms in the world, WSP exists to future-proof our cities and our environment. It provides strategic advisory, engineering, and design services to clients seeking sustainable solutions in the transportation, infrastructure, environment, building, energy, water, and mining sectors. Its 69,300 trusted professionals are united by the common purpose of creating positive, long-lasting impacts on the communities it serves through a culture of innovation, integrity, and inclusion. In 2023, WSP reported $14.4 B (CAD) in revenue. The Corporation’s shares are listed on the Toronto Stock Exchange (TSX: WSP).

ABOUT POWER
POWER is an engineering and environmental consulting firm specializing in integrated solutions for clients in the power delivery, power generation, food and beverage, government, renewables and storage, campus energy, chemicals, and oil and gas industries. Founded in 1976, it is an employee-owned company with 50 offices and more than 4,000 employees across North America. For more information, please visit https://www.powereng.com.

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FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Alain Michaud
Chief Financial Officer
WSP Global Inc.
alain.michaud@wsp.com
Phone: 438-843-7317