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Wednesday, September 3, 2014

WSP Global to purchase Balfour Beatty's U.S. professional services unit, (TSE: WSP.TO)

Canada's WSP Global Inc said it would purchase Balfour Beatty Plc's U.S. professional services division, Parsons Brinckerhoff, for an enterprise value of about $1.24 billion, to increase its footprint in the U.S. transportation segment.The deal will also help WSP expand in the United Kingdom and give it a stronger presence in key growth regions such as Asia and Australia, the company said.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.In a bought deal, underwriters commit to purchase the entire offering from a client and then resell it.

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.