11:09 AM EDT, 08/19/2024 (MT Newswires) -- WSP (WSP.TO) on Monday said it closed its offerings of subscription receipts, raising $1.15 billion.

The company issued 2.81-million subscription receipts in a bought-deal offering, including 366,750 issued under the over-allotment option at $204.50 each for a total $575 million.

WSP also issued 2.8-million subscription receipts at the same price through a concurrent private placement with investors GIC, Caisse de depot et placement du Quebec CDPQ, British Columbia Investment Management and a subsidiary of Canada Pension Plan Investment Board for aggregate gross proceeds of $575.3 million, which also includes the full exercise of the over-allotment option.

Proceeds from the financings will form part the US$1.78 billion purchase price for Power Engineers, a U.S. consulting firm. The acquisition is expected to be completed in the early fourth quarter of this year.

WSP shares were last seen down $0.20 to $221.88 on the Toronto Stock Exchange.

Price: 221.76, Change: -0.32, Percent Change: -0.14