25th May 2016 07:33
LONDON (Alliance News) - Canadian engineering consultant WSP Global Inc on Wednesday said it has agreed to acquire AIM-listed construction consultancy Sweett Group PLC for GBP24.0 million in cash, sending Sweett shares higher in early trade.
WSP will pay 35.00 pence per share in cash for Sweett, a 52% premium to its closing price on Tuesday. Sweett shares were up 46% to 33.6p early Wednesday.
Sweett's board unanimously recommended the takeover offer.
WSP said the acquisition will boost its position in the global professional services market.
"This transaction supports the realisation of both companies' strategic aims and provides a strong global platform for growth. It provides Sweett Shareholders with cash at an offer price that recognises Sweett's underlying value, whilst enabling Sweett's business to accelerate its growth potential with the support of WSP's financial strength," said John Dodds, Sweett's chairman.
By Sam Unsted; [email protected]; @SamUAtAlliance
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