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Wednesday, September 3, 2014

Canada's WSP Global to purchase Balfour Beatty's U.S. engineering, design business, (TSE: WSP.TO)

WSP Global Inc said it would purchase Balfour Beatty Plc's U.S. engineering and design business, Parsons Brinckerhoff, for an enterprise value of about $1.24 billion to increase its footprint in the United States. The deal is being financed through a combination of a $502 million bought deal public offering, $400 million in private placement and new credit facilities, WSP Global said.

WSP Global Inc. is a professional services firm, working with governments, businesses, architects and planners and providing integrated solutions across many disciplines, from designing zero-carbon cities to project managing large-scale infrastructure projects. Shares of WSP traded higher by 0.52% or $0.19/share to $36.95. In the past year, the shares have traded as low as $29.00 and as high as $39.50. On average, 79214 shares of WSP.TO exchange hands on a given day and today's volume is recorded at 33625.