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MONTRÉAL, May 15, 2024 (GLOBE NEWSWIRE) -- CDPQ announced today that it will sell 2,884,615 common shares ("Common Shares") of WSP Global Inc. (TSX: WSP) representing approximately 2.3% of the issued and outstanding Common Shares of WSP as of May 15, 2024 (the “Offering”).
The Common Shares are being sold on an underwritten block trade basis at a gross price of $208.00 per share, which has been underwritten by National Bank Financial Inc. and CIBC Capital Markets (the “Underwriters”).
CDPQ has also granted the Underwriters an option, exercisable at any time, in whole or in part, at the offering price until May 17, 2024, to purchase up to an additional 15% of the number of Common Shares purchased in connection with the Offering (the “Option”).
CDPQ expects to receive gross cash proceeds of approximately $599,999,920 from the Offering. ($689,999,856 if the Option is exercised in full).
The transaction is a result of CDPQ’s periodic portfolio rebalancing. After giving effect to the trade, CDPQ will continue to hold approximately 15.8% of the issued and outstanding Common Shares of WSP.
“CDPQ has invested nearly $1 billion in WSP since 2011 and supported the company in major acquisitions that enabled it to become a global industry champion. With an ownership stake currently valued at five times the investments made over the years, CDPQ would like to monetize a portion of these investments while remaining the company’s largest shareholder. The capital recovered could eventually be reinvested in various Québec compagnies, including WSP, to support growth,” said Kim Thomassin, CDPQ’s Executive Vice-President and Head of Québec.
“CDPQ is a long-term partner who has supported and guided us through our evolution to become one of the world’s leading engineering and professional services firms. CDPQ remains our largest shareholder following this transaction,” said Alexandre L’Heureux, President and Chief Executive Officer of WSP Global. “As we pursue our growth ambitions and execute on our strategy, we remain confident in our ability to continue to create value for our shareholders.”
ABOUT CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ’s net assets totalled CAD 434 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.
CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.
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For more information
MEDIA RELATIONS TEAM
+ 1 514 847-5493
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