WYG, the project management and consultancy group based in Leeds, is being taken over by US firm Tetra Tech in a £43.4 million deal.
According to the AIM listed Yorkshire company, the deal will result in a premier international consulting, engineering and programme management firm.
“Becoming part of the Tetra Tech group enables benefits of scale and access to expertise across highly complementary geographies and client relationships, and brings operational infrastructure and financial strength to support WYG’s long term growth ambitions,” said Jeremy Beeton, non-executive chairman of WYG.
“We provide Tetra Tech with a strong platform for investing in growth in the UK and Europe.
“We believe the combination of our two companies will provide greater opportunities for our people and clients, as well as offering certainty of immediate value to our shareholders at a considerable premium to the prevailing share price.”
Dan Batrack, Chairman and Chief Executive of Tetra Tech, added: “WYG advances our strategy to add firms that support our position as the premier global high-end consulting, engineering, and program management firm.
“WYG’s expertise in infrastructure and programme management, as well as water and environmental services, enables us to deliver innovative solutions to support the UK’s infrastructure needs.
“Together, we will be able to provide an expanded scope of services to our customers and offer our combined staff even greater professional opportunities.”
The deal is expected to be completed in July.