WSP Global has entered into an agreement to acquire 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. The deal is expected to close in the first quarter of 2026, subject to customary regulatory approvals and closing conditions.

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.

“The proposed acquisition of TRC is a defining moment in the execution of WSP’s 2025-2027 strategic plan,” said Alexandre L’Heureux, president and CEO of WSP. “Building on our track record of excellence and compounding financial performance, this strategic move will cement WSP as the power and energy consulting leader in the U.S. and globally.”

WSP said 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 will be 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 Caisse de dépôt et placement du Québec.

“With this investment, La Caisse once again demonstrates its ongoing commitment to WSP, helping to position the company as a leader in engineering and design in the United States and globally, while accelerating the development of its Energy offering, a sector with strong potential,” said Kim Thomassin, executive vice-president and head of Quebec at La Caisse.

Photo: WSP Global.