Wooden agrees sale of consulting enterprise to WSP International for $1.9 billion

UK-listed providers big Wooden has signed an settlement to promote its “constructed surroundings” consulting enterprise to Montreal-headquartered WSP International for about $1.9 billion.

The sale has been seen by some analysts as essential to shoring up Wooden’s stability sheet, with the corporate’s money efficiency for the approaching 12 months anticipated to take a success from greater prices.

Outgoing Wooden chief government Robin Watson mentioned: “This transaction will ship vital worth for our shareholders and marks a brand new chapter for Wooden.

“It allows us to maneuver onto our subsequent strategic section with the monetary flexibility to speed up our technique to seize the expansion alternatives forward throughout each power safety and sustainability.

“We’re centered now on the steps to finish this deal and in additional creating our technique, which we’ll define intimately at a capital markets day, when my successor as chief government is in place.”

Completion of the deal is anticipated within the second half of this 12 months.

Watson mentioned in April he plans to retire after six years in control of the FTSE-250 firm as soon as a successor has been discovered.