North American engineering consultancy giant WSP is reported to be in talks with rival AECOM about a possible merger. Sources close to the talks said they were at a preliminary stage. Canadian engineer WSP has approached Los Angeles rival Aecom to discuss a possible merger, the Bloomberg news agency reported yesterday. WSP Global's U.S. shares traded at $71.20, up 0.8%.
Sources told Bloomberg that … Aecom shares spiked Wednesday on a report that merger talks between the company and Canadian rival WSP Global were heating up.
WSP is growing through a combination of organic expansion and acquisitions. However, in … Aecom (ACM +10.5%) surges to a three-month high after WSP Global (OTCPK:WSPOF) announced it is selling more than 5M shares for $86/share to raise C$437M. Aecom shares stood at $49.85 at last check, up 5.8%. The infrastructure giant has not commented publicly on … Bloomberg News first reported in January that WSP had approached Aecom about a … Latest News Latest News Choose date and time: Tue 28 Jul Mon 27 Jul Sun 26 Jul Sat 25 Jul Fri 24 Jul Thu 23 Jul Wed 22 Jul Tue 21 Jul Mon 20 Jul Sun 19 Jul Sat 18 Jul Fri 17 Jul Thu 16 Jul Wed 15 Jul Tue 14 Jul Mon 13 Jul Sun 12 Jul Sat 11 Jul Fri 10 Jul Thu 9 Jul Wed 8 Jul Tue 7 Jul Mon 6 Jul Sun 5 Jul Sat 4 Jul Fri 3 Jul Thu 2 Jul Wed 1 Jul Tue 30 Jun Mon 29 Jun Sun 28 Jun × Photographer: Robyn Beck/AFP via Getty ImagesA deal could be announced as soon as next week, the people said, asking not to be identified because the matter is private. The stock has climbed 71% over the past year.
The two companies are about the same size, with Aecom’s market capitalisation standing at $7.7bn today following a 4% share price rise and Montreal-based WSP at $7.6bn. In addition, acquisitions have helped WSP in establishing a global presence to expand its platform. W WSP says it plans to use the offering proceeds in part to "fund potential future acquisition opportunities," and the speculation is it has eyes for rival Aecom, Briefing.com reports.BofA's Michael Feniger reiterates his Buy rating for Aecom, saying "the stars are aligning for ACM's value to be realized - at the very least, for the cash return story to take hold. These acquisitions allow us to strengthen our competencies in each of our market sectors and serve as a base for us to increase our market share in the various regions where we operate.
Financial news service Bloomberg says Canada-based WSP initiated the discussions with its US-based rival. WSP Global shares fell less than 1% to C$88.48 in Toronto, valuing it at about C$9.4 billion ($7 billion).Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. "WSP's offering "raises some eyebrows," Bank of America analyst Michael Feniger writes, noting WSP stock is nearly back to pre-COVID levels while Aecom shares are ~25% below (before today) its pre-COVID high of early February. WSP Global shares fell less than 1% to C$88.48 in Toronto, valuing it at about C$9.4 billion ($7 billion). According to the reports, which first surfaced in Bloomberg News on Jan. 13, WSP Global approached AECOM about possibly buying AECOM. The market volatility has added uncertainty to the negotiations, and discussions could drag on further or fall apart, according to the people.Shares of Aecom rose 7.7% to $51.33 at 10:14 a.m. in New York trading Wednesday, giving the company a market capitalization of about $8.1 billion.
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