An Idaho engineering and environmental consulting firm just sold for $1.78 billion.
Power Engineers, a Hailey-based employee-owned company, inked a deal to be bought by WSP Global, a Montreal engineering and design giant, according to a news release Tuesday.
Power Engineers is owned by about 900 shareholders who overwhelmingly approved the merger on Sept. 6. Spokesperson Kate Wutz told the Idaho Statesman that 95% of shareholders, who held over 99% of shares, voted in favor of the deal. The company has been employee-owned since 1998.
Wutz said no job cuts or other changes are expected to the company’s operations in Idaho.
Power Engineers has about 680 employees in the state, with more than 500 of those employees working from its Boise office. It has roughly 4,000 employees in all and 50 offices across North America, according to its website . The company plans to continue operating under the Power Engineers brand, at least for now.
WSP Global has nearly 70,000 employees who work in industries including transportation, infrastructure, environment, building, energy, water and mining.