The purchase price of approximately $425m was paid primarily in cash and by the issuance of WSP shares to MMM employees for an aggregate amount of $22.1m, at a price of $42.25 per share.
The deal has been financed through a combination of a $201m public offering of common shares and a private placement with the Canada Pension Plan Investment Board and the Caisse de dépôt et placement du Québec. Additional funds have been drawn from the corporation's current credit facilities.
"I am delighted about this acquisition and that our two firms are joining forces," said David Ackert, president and chief executive officer of WSP in Canada. "The coming together of these two like-minded firms will enable us to pursue our growth strategy and strengthen our foundation across Canada by increasing our ability to deliver superior value to our clients, shareholders and employees."
Last month, WSP also announced the acquisition of Halvorson and Partners (H+P), a 40-person Chicago-based firm that provides structural engineering services for developers, private owners and institutions worldwide.