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Merger Targets Water Infrastructure

Wednesday, April 6, 2016

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Engineering, consulting, and design services firm Stantec is planning to extend its worldwide reach in water resources infrastructure with the acquisition of MWH Global Inc.

Stantec announced it had entered into a definitive merger agreement with the Broomfield, CO-based MWH March 29.

“MWH brings a global presence and reputation in water infrastructure that will advance Stantec’s position as a top-tier design firm within the highly attractive global water market,” said Bob Gomes, Stantec president and CEO.

Stantec, MWH Global merger

“MWH brings a global presence and reputation in water infrastructure that will advance Stantec’s position as a top-tier design firm within the highly attractive global water market,”  Bob Gomes (left), Stantec president and chief executive officer said of ther merger. Alan J. Krause, Chairman & CEO MWH Global, is at right.

“Together, we share a commitment to our communities and have the combined talent to support the most technically advanced clients and projects locally and around the world,” Gomes added.

The transaction is valued at approximately $795 million. Stantec anticipates the deal will close in the second quarter of 2016.

Improved Construction Capabilities, Reach

MWH is a global engineering, consulting and construction management firm focused on water and natural resources for built infrastructure and the environment.

The firm has a history with engineering, construction and management consulting includes some of the most technically significant water and natural resources projects in the world, such as the Panama Canal Third Set of Locks Project, the statement noted.

With the acquisition of MWH and its 6,800 employees in 187 offices in 26 countries worldwide, Stantec anticipates it will not only add water-related construction capabilities but also grow its position as a global leader in water resources infrastructure while expanding its geographic footprint in key areas, such as the United Kingdom, Australia, New Zealand, South and Central America, Europe and the Middle East.

Additionally, Stantec expects the expertise available within the MWH construction business will broaden Stantec’s consulting services business by allowing it to better prepare for and execute on design-build projects with other construction partners in both the water markets and other sectors in which it participates in design-build projects.

$793M Deal

Under the terms of the all-cash deal, which has been unanimously approved by the boards of directors of both companies, Stantec will acquire all of the issued and outstanding capital stock of MWH for a purchase price of approximately $793 million. The transaction is valued at approximately $795 million after taking into account the estimated assumed net indebtedness of MWH, the company noted.

panama canal conceptual rendering
By Autoridad del Canal de Panama via Wikimedia Commons

MWH's portfolio includes work on the Panama Canal Third Set of Locks Project, shown here in a conceptual rendering.

The acquisition must be approved by holders of at least two-thirds of the MWH shares at a special meeting of MWH shareholders to be held in April, Stantec said. The deal is also subject to certain customary conditions, including approval under the U.S. Hart-Scott-Rodino Anti-Trust Improvements Act.

Key members of the management team of MWH, including the presidents of key business units, will join Stantec in significant leadership positions after the transaction closes, Stantec explained.

MWH chairman and CEO Alan Krause and MWH chief financial officer David Barnes are committed to joining Stantec after the acquisition closing date to ensure a smooth and successful integration, it added.

“We are excited to join the expertise and experience of Stantec and MWH in a transaction that will enable us to thrive and grow amidst an increasingly complex industry landscape by strengthening our combined ability to solve the most pressing water, transportation and infrastructure challenges today,” Krause said. 

“Our highly complementary cultures, shared approach to client service and extended global reach should yield multiple benefits for our clients, employees and the communities we serve.”


Tagged categories: Consultants; Design build; Designers; Engineers; Industry News; Infrastructure; Locks and dams; Mergers

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