Under the terms of the acquisition, Sweett shareholders will receive 35 pence in cash for each Sweett share.
WSP said the acquisition will strengthen its advisory skills; expand its management capabilities in Europe; and broaden its offerings to clients.
Alexandre L’Heureux, CFO and incoming President and Chief Executive Officer of WSP, said, “This transaction fulfills our strategic ambitions of enhancing our project and cost management services and positions our combined group as a leading global consultancy. WSP and Sweett operate a similar business model of global knowhow, local delivery and are highly compatible in terms of strategic objectives, being both pure play consulting firms.”
Paul Dollin, Chief Operating Officer of WSP, said, “This transaction is a key step on WSP’s journey as a world class professional services organisation. The combination of skills and compatible cultures will provide a great foundation for the two organisations to work together constructively and enjoyably on selected projects, creating attractive and competitive solutions for our clients. This is a transaction that will truly benefit the business, our people and our clients.”
John Dodds, Chairman of Sweett, said, “This transaction supports the realisation of both companies’ strategic aims and provides a strong global platform for growth. It provides Sweett Shareholders with cash at an offer price that recognises Sweett’s underlying value, whilst enabling the Sweett business to accelerate its growth potential with the support of WSP’s financial strength.”
Douglas McCormick, Chief Executive Officer of Sweett, added, “I believe this transaction will provide Sweett, our staff and our clients with enhanced opportunities and the combined entity will achieve increased prominence in the global markets in which we work. By joining WSP, this will provide the Company with a stronger platform, both operationally and financially, for growth in the years ahead.”