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Engineering firm Genivar (GNV-T) has signed a deal to buy British-based WSP Group for $442 million in cash.
As part of the deal, each holder of WSP shares will receive 4.35 GBP per share, a 67 percent premium to Wednesday’s closing price.
The companies said in statement announcing the deal that they expect it to be immediately accretive to earnings.
The combined company will have 14,500 employees and operations in more than 30 countries, according to Genivar.
Montreal-based Genivar will raise $225 million in a bought deal public offering of subscription receipts, priced at $24 per receipt, to finance the deal. The Canada Pension Plan Investment Board (CPPIB) and the Caisse de depot et placement du Quebec will contribute $197 million in a private place of subscription receipts.
Genivar has also created a $400 million revolving credit facility.