Tetra Tech trumps WSP bid for environmental firm RPS Group
Tetra Tech trumps WSP bid for environmental firm RPS Group
Abstract
Dive Brief: Pasadena, California-based engineering firm Tetra Tech has trumped engineering and design giant WSP Global's offer for environmental consulting firm RPS Group, the company said in a press release. WSP had announced in August its intention to purchase the Abingdon, England-headquartered company to bolster its climate and infrastructure work. With Tetra Tech's offer of $691 million beating WSP's $641 million offer by about 7.8%, the RPS board of directors unanimously approved the offer, the company announced Friday. "WSP has an aggressive reputation in M&A, while TTEK's is historically conservative. Together we can't rule out another WSP offer," analysts at Baird Equity Research Industrial Services said in an investor note. Dive Insight: Montreal, Canada-headquartered WSP has been on an acquisition spree lately. WSP is growing its climate-related work as part of its 2022-2024 strategic plan, and the company is purchasing a variety of businesses to help it meet strong demand for these services. "The corporation is considering its options in respect of the foregoing and a further announcement will be made by WSP in due course," a WSP press release said.