MONTREAL, QC — Global infrastructure powerhouse WSP has reportedly made a multi-billion-dollar offer to acquire Dallas-based Jacobs, one of the largest engineering and construction firms in the U.S., according to an Oct. 24 report from StreetInsider.
The proposed acquisition, which includes both cash and stock components — though primarily stock — reflects WSP’s latest effort to expand its international footprint and solidify its position as a top global player in the architecture, engineering, and construction (AEC) industry.
Citing sources familiar with the matter, the report noted that Jacobs has engaged investment bank Centerview Partners to evaluate WSP’s offer. While the talks are still preliminary, analysts say the deal would represent a seismic shift in the global infrastructure consulting landscape.
Neither WSP nor Jacobs immediately responded to requests for comment.
Industry observers see the report as consistent with WSP’s long-term acquisition strategy. Over the past several years, the Montreal-based firm has aggressively pursued mergers and acquisitions to fuel growth, particularly in energy, transportation, and environmental engineering markets.
Baird financial analyst Andrew Wittmann said the report “appears credible,” citing WSP’s ongoing ambition to “create the world’s largest platform.”
Recent acquisitions underscore that ambition. In October 2025, WSP completed its takeover of U.K.-based Ricardo, a global engineering consultancy. Earlier this year, it acquired Lexica, a healthcare and life sciences consulting firm also based in the U.K. Those deals followed its $1.78 billion purchase of Idaho-based Power Engineers in 2024, one of its largest U.S. transactions to date.
Despite this track record, Wittmann cautioned that the Jacobs deal could present major challenges given the firm’s complexity and ongoing restructuring.
“Timing feels off given operational improvements, not degradation in Jacobs’ results,” Wittmann wrote. “WSP’s M&A success notwithstanding, scale M&A in E&C has checkered past, tempering our enthusiasm, with integration risk high.”
Jacobs, which spun off its government services division in 2023, has spent the last decade navigating multiple mergers, reorganizations, and portfolio shifts to sharpen its focus on high-value sectors like water infrastructure, life sciences, and advanced manufacturing.
“Another merger could be tough on the organization,” Wittmann noted. “Perhaps its employees are used to it by now. We see it as a net risk.”
Analysts suggest that while the combination could create one of the most powerful AEC entities in the world, the scale and complexity of integrating two massive firms could also strain resources and leadership bandwidth.
Even so, potential advantages exist. Wittmann noted that the merger could deliver cost synergies, particularly through eliminating overlapping corporate functions and consolidating operations. More importantly, Jacobs’ expertise in water infrastructure and its strong foothold in advanced manufacturing and life sciences construction could complement WSP’s existing portfolio and open new growth avenues.
“Both management teams known for/experienced doing large deals, so it certainly could happen,” Wittmann wrote. “Less clear if it should happen.”
This isn’t the first time WSP has targeted a U.S.-based AEC giant. In 2020, Bloomberg reported that WSP approached AECOM about a potential merger — a move that, if completed, would have marked the company’s largest acquisition ever. However, the onset of the COVID-19 pandemic quickly derailed those discussions.
Since then, WSP has continued to methodically expand through smaller but strategically significant acquisitions, focusing on sustainability, smart infrastructure, and digital transformation — areas where Jacobs also has a strong presence.
The reported bid has reignited debate over the feasibility and wisdom of mega-mergers in the AEC space. While scale can enhance global competitiveness, it also amplifies integration risks — particularly in an industry where project execution, culture, and client relationships are deeply local.
If successful, a WSP–Jacobs merger would create one of the largest engineering and infrastructure consultancies in the world, rivaling giants like AECOM and Fluor, with combined revenues potentially exceeding $20 billion annually.
Still, analysts remain divided. Some view the potential deal as visionary, others as risky consolidation at a time when both firms are performing well independently.
For now, as Wittmann observed, “Timing feels off,” but WSP’s ambition — and Jacobs’ strong market positioning — ensure that industry leaders will be watching closely.
Originally reported by Joe Bousquin in Construction Dive.
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