By Amit Chowdhry Yesterday at 10:50 AM

WSP Global confirmed it has submitted a revised non-binding indicative proposal to acquire all outstanding shares of Arcadis N.V. for EUR 51.50 per ordinary share, up from an initial EUR 48.50 per share offer submitted on July 1, 2026, which Arcadis rejected on July 14. The offer represents a premium of approximately 45.8 percent over Arcadis’ unaffected closing share price on July 22.

Under the proposal, Arcadis shareholders would be able to elect cash or WSP shares, with the overall consideration expected to be roughly half cash and half stock, subject to proration if either option is oversubscribed. WSP said the combination would be high single-digit percentage accretive to its adjusted net earnings per share before synergies and mid-teens percentage accretive once synergies are realized. WSP said it would welcome the Lovinklaan Foundation and Katalys, Arcadis’ significant shareholders, as important reference shareholders in the combined company, and that under the assumption those foundations elect only WSP shares, other Arcadis shareholders would receive approximately 65 percent cash and 35 percent WSP shares.

WSP said the combination would create a global engineering champion with expanded presence across North America, the United Kingdom, Australia, and Central Europe, along with enhanced capabilities in water, advanced manufacturing, advisory, digital, and program management. The proposal is not contingent on financing, and WSP said it intends to maintain its investment-grade balance sheet following any transaction. WSP has provided its latest proposal to Arcadis’ Executive Board and Supervisory Board and reiterated its invitation to discuss the offer, noting that the boards have not yet accepted its previous invitations to negotiate a friendly transaction. No definitive agreement has been signed, and completion remains subject to board recommendation, minimum shareholder acceptance, and customary regulatory approvals.

KEY QUOTE:

“We have enormous respect for Arcadis, its remarkable 135-year heritage, its management and talented people, and the longstanding relationship our organizations have built as partners on some of the world’s most important projects. We believe that bringing WSP and Arcadis together would create a uniquely strong global platform, better equipped to meet evolving client needs, accelerate innovation and AI adoption through proprietary project data and intellectual capital, invest in talent, and deliver sustainable long-term value for shareholders, employees, clients and communities alike.”

Alexandre L’Heureux, CEO, WSP Global