Perth-based Veris has sold its advisory service arm Elton Consulting to global engineering group WSP for $13 million, in a bid to retire debt and strengthen the company's cash position.
As part of the agreement, Elton will pay a dividend of around $920,000 to Veris before December 31.
“It will reposition the group’s portfolio for continued future growth and success.”
Canada-based WSP said the acquisition supported its global strategic plan to diversify into strategic advisory areas and offer clients a broader range of consulting services.
“Our clients have told us that strategic advice, urban and regional planning, as well as early and consistent community engagement are increasingly critical to their success," said Guy Templeton, President & CEO of WSP in Australia & New Zealand.
Shares in Veris were up 2.99 per cent to trade at 6.9 cents per share, as at 3:15pm AEDT.