The transaction positions WSP as the top U.S. engineering firm by revenue. Montreal-based WSP announced the agreement on December 15, 2025. WSP Global Inc. will pay US$3.3 billion in cash for TRC Companies, equivalent to about $4.5 billion Canadian. TRC, headquartered in Windsor, Connecticut, employs around 8,000 people and specializes in power, energy, utilities, environmental services, engineering, consulting, and construction. The deal, backed by Quebec’s public pension fund, is fully funded and expects to close in Q1 2026, pending regulatory approvals.
Strategic Impact
This acquisition creates the leading U.S. power and energy platform, boosting WSP’s scale in high-growth areas like grid modernization, electrification, and infrastructure. TRC reported $1.19 billion in revenue as of June 2025, with the deal projected to deliver low- to mid-single-digit accretion to WSP’s adjusted net earnings per share initially, rising with synergies over 3%. WSP CEO Alexandre L’Heureux highlighted enhanced capabilities for complex projects.
Ownership and Market Position
TRC is majority-owned by Warburg Pincus LLC funds. Post-deal, WSP becomes North America’s largest engineering and design firm by revenue, strengthening its advisory, engineering, and program management services. The move aligns with WSP’s 2025-2027 strategic plan amid rising U.S. utility demands.
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