WSP Global has completed its acquisition of U.S.-based TRC Companies in an all-cash transaction valued at approximately $4.5 billion.

Montreal-based WSP said the acquisition of TRC, a premier U.S. power and energy consulting and engineering firm majority-owned by funds managed by Warburg Pincus LLC, carries a purchase price of US$3.3 billion, or about $4.5 billion based on the exchange rate as of Dec. 15.

WSP said the purchase is full aligned with its 2025-2027 Global Strategic Action Plan and supercharges the corporation’s power and energy offering. It also enhances WSP’s capabilities across high-growth areas, including water, infrastructure, environment, and digital solutions. With TRC, WSP creates the top-ranked power-and-energy platform in the U.S. and becomes the country’s largest engineering and design firm by revenue, according to NRC-Records data.

“This acquisition strengthens our leading position in the U.S. and broadens our capabilities across the power-and-energy value chain at a time of accelerating demand for reliable and resilient energy systems,” said Alexandre L’Heureux, president and CEO of WSP. “By combining advisory, engineering, and program-management expertise, we are creating a more integrated platform to support complex infrastructure programs from planning through execution.

“TRC brings deep sector knowledge and strong client relationships that enhance the reach and impact of our diversified platform. Together, we are better positioned to pursue opportunities in high-growth areas and deliver more comprehensive solutions to our clients.”

TRC, headquartered in Windsor, Conn., employs about 8,000 people and provides end-to-end solutions across the infrastructure lifecycle, with a particular focus on power delivery, transmission and distribution, environmental services and advisory work. WSP said the transaction will position it as the largest engineering and design firm in the United States by revenue, with a combined U.S. workforce of roughly 27,000 employees.

“Since the 1960s, our teams have delivered trusted expertise, underscored by continued innovation and an advanced use of digital, to help clients navigate critical challenges with confidence,” said Christopher Vincze, chairman and CEO of TRE. Joining WSP allows us to build on this legacy at greater scale—increasing opportunities for our people, expanding the capabilities we can offer our clients, and accelerating our ability to shape more resilient infrastructure. 

WSP said previously that the acquisition is expected to be low- to mid-single-digit percentage accretive to adjusted net earnings per share before synergies, rising to high-single-digit percentage accretion once cost synergies are fully realized. The company expects cost synergies to exceed 3% of TRC’s net revenues by the end of 2027.

Christopher Vincze, chairman and CEO of TRC, said the transaction will create new opportunities for employees and clients of both firms.

The transaction was financed through a combination of committed acquisition financing and an equity raise of approximately $850 million, including a $732 million bought-deal public offering and a concurrent private placement of about $118 million with La Caisse.

Photo: WSP Global.