CDPQ Sells 2,884,615 Common Shares of WSP - Latest Global News

CDPQ Sells 2,884,615 Common Shares of WSP

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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 shares shares of WSP common stock effective May 15, 2024 (the “Offering”).

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The common shares will be sold on a guaranteed block trading basis at a gross price of $208.00 per share guaranteed by National Bank Financial Inc. and CIBC Capital Markets (the “Underwriters”).

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CDPQ has also granted the underwriters an option, exercisable in whole or in part at the offering price at any time through May 17, 2024, to purchase up to an additional 15% of the number of shares of common stock purchased in connection with the offering (the “Option”).

CDPQ expects to receive gross proceeds of approximately $599,999,920 from the offering. ($689,999,856 if the option is fully exercised).

The transaction is the result of CDPQ’s regular portfolio rebalancing. Upon effective trading, 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 has supported the company in major acquisitions that have enabled it to become a global industry leader. With an ownership stake currently equal to five times the investments made over the years, CDPQ aims to monetize some of these investments while remaining the company’s largest shareholder. The recovered capital could eventually be reinvested in various companies in Quebec, including WSP, to support growth,” said Kim Thomassin, executive vice-president of CDPQ and head of Quebec.

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“CDPQ has been a long-standing partner who has supported and accompanied us in our development into one of the world’s leading engineering and professional services companies. 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 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 long-term sustainable returns. As a global investment group that manages public pension and insurance plan funds, we work with our partners to build companies that drive performance and progress. We are active in the most important financial markets, private equity, infrastructure, real estate and private debt. As of December 31, 2023, CDPQ’s net assets totaled $434 billion. For more information, visit cdpq.com, our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark of the Caisse de dépôt etplacement du Québec and is licensed for use by its affiliates.

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For more informations
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+1 514 847-5493
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