WSP Global has entered into a definitive agreement to acquire the Environment & Infrastructure business (E&I) of John Wood Group plc (Wood) in Canada. E&I provides engineering, remediation consulting, environmental permitting, inspection & monitoring, and environmental management services to clients in the government, industrial, infrastructure, oil & gas, power, water and mining industries.

The transaction represents an aggregate cash consideration of US$1.810 billion, including the net present value of US$200 million. The net transaction value of US$1.61 billion represents 14.6x E&I’s estimated 2022 pre-IFRS 16 adjusted EBITDA or 11.5x post-synergies. The acquisition will be funded by a new fully committed US$1.81 billion term credit facility. Canadian Imperial Bank of Commerce is acting as the sole bookrunner with respect to bank financing.

Perella Weinberg Partners LP acts as a financial advisor to WSP. Legal advice is being provided to WSP by Linklaters LLP in the United Kingdom, Stikeman Elliott LLP in Canada, and Skadden, Arps, Slate, Meagher & Flom LLP in the USA.