Canada based WSP Global has signed an agreement to acquire TRC Companies, a US-based power and energy company providing end-to-end infrastructure life cycle solutions.
TRC, which is majority owned by Warburg Pincus managed funds, is an engineering, consulting, and advisory company specialising in power and energy, utilities, environmental services, and programme management.
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The all-cash deal is valued at $3.3bn and is anticipated to close in the first quarter of (Q1) of 2026, contingent upon regulatory approvals and customary closing conditions.
This acquisition will significantly enhance WSP’s power and energy capabilities and broaden its expertise across water, infrastructure, and environmental services.
The deal comes at a time when US power consumption is surging, fuelled by rising demand from AI-focused data centres and cryptocurrency mining.
With the addition of TRC, WSP will have about 27,000 employees in the US, accounting for 34% of its US revenue.
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By GlobalDataThe acquisition is projected to add low- to mid-single digit percentage to WSP’s adjusted net earnings per share before synergies.
WSP president and chief executive officer Alexandre L’Heureux said: “The proposed Acquisition of TRC is a defining moment in the execution of WSP’s 2025-2027 Strategic Plan. 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 US and globally.
“Joining forces will position our business for accelerated organic growth and create an integrated platform with industry-leading capabilities in advisory, engineering, and programme management.
“With TRC’s highly complementary expertise in power delivery, transmission, distribution, and advisory services, our combined offering will cover the entire utility and infrastructure value chain. Together, we are poised to deliver more complex projects and offer expanded end-to-end services to help solve our clients’ critical needs, from ageing infrastructure to grid modernisation and electrification.”
J.P. Morgan and CIBC Capital Markets are serving as WSP’s financial advisors for the acquisition, with legal counsel provided by Skadden, Arps, Slate, Meagher & Flom in the US and Stikeman Elliott in Canada.
Harris Williams, UBS Investment Bank, AEC Advisors, and Houlihan Lokey are serving as TRC’s financial advisors for the acquisition, with legal counsel provided by Paul, Weiss, Rifkind, Wharton & Garrison.
In August 2024, WSP agreed to acquire Power Engineers, a US-based consultancy in the power and energy sector.
