500 Million Bought Deal Public Offering And Private Placement

WSP to Acquire Power Engineers, Setting Milestone for Accelerated Growth

$500 Million Bought Deal Public Offering and Private Placement

Montreal, December 12, 2023 – WSP Global Inc. (TSX: WSP) ("WSP" or the "Corporation") is pleased to announce that it has entered into a definitive agreement to acquire Power Engineers, Inc. ("POWER"), a leading U.S.-based engineering and consulting firm, for a purchase price of US$1,780 million (approximately C$2,443 million), subject to customary closing adjustments (the "Acquisition").

The Acquisition reflects WSP's estimated 2024 pre-IFRS 16 revenue of approximately US$10.3 billion, which includes the estimated 2024 revenue of POWER. On a pro forma basis, the Acquisition is expected to be immediately accretive to WSP's Adjusted EPS and Adjusted EBITDA.

POWER's net revenue organic growth is expected to be calculated on a constant currency basis between 6% and 8% for the financial year ending December 31, 2024. POWER's net revenue is expected to be approximately US$490 million and its Adjusted EBITDA is expected to be approximately US$90 million, both for the financial year ending December 31, 2024.

The Acquisition of POWER will significantly expand WSP's presence in the United States, particularly in the key end markets of energy, infrastructure and property and buildings. The combination of WSP and POWER will create a global leader in the energy sector, with a comprehensive range of services and expertise across the entire energy value chain.