South African group buys stake in WSP division

Consultant WSP has announced that South African group Intsaki has bought 26% of its Africa division for £3.5m.

Intsaki, which is backed by Investec bank, is a black-controlled economic empowerment group that was formed under a programme launched by the South African government after the end of apartheid to redress the economic balance in the country.

WSP said that the cash injection will be used by WSP Africa to fund continuing working capital requirements and to finance future acquisitions.

Chris Cole, chief executive of WSP, said: “We are delighted to have completed this deal and to welcome the members of the Intsaki Consortium into the WSP Group. This transaction represents an important step in our development in South Africa and opens up the potential for new business opportunities.”