WSP: CDPQ Divests 2,061,000 Shares in Strategic Portfolio Rebalancing
Deal News | Apr 24, 2025 | CDPQ
CDPQ has announced its decision to sell 2,061,000 common shares of WSP Global Inc., which represents about 1.6% of the total issued and outstanding shares of the company as of April 23, 2025. The shares will be sold in a block trade for a gross price of $242.70 per share, facilitated by underwriters BMO Capital Markets and National Bank Financial Inc. Through this transaction, CDPQ expects to generate approximately $500 million in gross proceeds. The sale is part of CDPQ's routine portfolio rebalancing, but it will still retain a significant 14.2% stake in WSP Global. As a major partner since 2011, CDPQ has significantly supported WSP Global through multiple significant acquisitions, helping the company grow into a global leader in the professional services sector. Kim Thomassin, EVP at CDPQ, emphasized reinvesting capital into Quebec companies, including WSP Global, to support local growth. Despite the sale, CDPQ remains WSP Global's largest shareholder as the company embarks on a new global strategic action plan for 2025-2027 to achieve ambitious growth targets.
Sectors
- Investment Management
- Professional Services
Geography
- Canada – Both CDPQ and WSP Global are based in Canada, with CDPQ aiming to reinvest proceeds into Quebec companies.
- Global – WSP Global has grown into a prominent professional services firm with a worldwide presence, supported by CDPQ's investments.
Industry
- Investment Management – CDPQ is engaged in investment management, overseeing a diverse portfolio that includes equities like WSP Global.
- Professional Services – WSP Global operates in the professional services sector, providing consultancy in engineering, design, and management services.
Financials
- 500,000,000 – Gross cash proceeds expected from the sale of WSP Global shares by CDPQ.
- 242.70 – Gross price per share of WSP Global in the block trade.
- 2,061,000 – Number of common shares of WSP Global being sold by CDPQ.
- 14.2 – Percentage of WSP Global shares CDPQ will retain after the sale.
- 1.6 – Percentage of WSP Global's issued and outstanding common shares being sold by CDPQ.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CDPQ | Seller | Company | A large institutional investor responsible for managing pension plans, significant in the Canadian market. |
| WSP Global Inc. | Target Company | Company | A leading professional services firm specializing in engineering and design consultancy. |
| BMO Capital Markets | Underwriter | Company | A leading Canadian bank providing investment banking services. |
| National Bank Financial Inc. | Underwriter | Company | A major Canadian financial services firm offering investment solutions. |
| Kim Thomassin | Executive Vice-President and Head of Quebec | Person | A senior executive at CDPQ responsible for investments in Quebec. |
| Alexandre LHeureux | President and CEO | Person | The chief executive officer of WSP Global, leading strategic initiatives. |