WSP Global said late on Dec. 15 it agreed to buy TRC Companies for about US$3.3 billion in cash, adding a large U.S. power and environmental services platform to its portfolio. TRC is majority owned by funds managed by Warburg Pincus.
WSP said it expects the deal to close in the first quarter of 2026, subject to customary approvals. Management also expects the purchase to add to adjusted earnings per share before synergies, which means profit per share should rise once the transaction closes, even before any cost savings are counted.
They are listed on the Toronto Stock Exchange and is one of Canada’s largest engineering groups. The agreement marks another step in its acquisition strategy in North America.
Power market demand in play
WSP framed the bid squarely around U.S. grid and energy work as electricity demand ramps up. The firm said the added scale would lift power and energy to roughly one third of its U.S. revenue, and would make WSP the largest engineering and design firm in the American market.
“The proposed acquisition will position WSP as the largest engineering and design firm in the U.S.,” WSP said in a statement, noting rising load from data centres and other users.
TRC brings consulting, environmental services and program management across utilities and energy clients, deepening WSP’s reach with regulated customers. Warburg Pincus acquired TRC in 2021 and had been exploring a sale process this year. That auction activity set the stage for WSP’s negotiated deal.
Track record and financing context
WSP has been on a steady buying streak tied to its 2025 to 2027 plan. The firm closed its takeover of U.K. consultancy Ricardo on Oct. 9, 2025, adding rail, air quality and advisory depth in Europe and Australia.
“We are pleased to bring Ricardo into WSP and welcome new colleagues across the globe,” president and CEO Alexandre L’Heureux said when that deal closed.
The move aligned with WSP’s push in energy transition and water solutions.In an earlier wave, WSP completed the purchase of Power Engineers on Oct. 1, 2024, boosting transmission and grid engineering capacity across North America. That deal cemented WSP’s focus on work tied to energy transition and reliability.
CDPQ, Quebec’s public pension fund, has long backed WSP’s expansion and remains its largest shareholder after rebalancing its stake in April 2025. The fund said it would still hold about 14.2 percent of WSP after selling a small block of shares, and reiterated its role supporting growth. WSP has previously highlighted the importance of that support as it scales into priority markets.
The combination of CDPQ’s backing and access to term loans has helped WSP fund recent transactions without issuing common shares broadly. The firm now leans on a mix of cash on hand, credit facilities and selective partner capital for deals of this size. The balance sheet approach aims to keep flexibility for future bids.
For markets, the near term watch items are regulatory clearances and integration planning. U.S. and state-level approvals, plus any customer consents, will be the gating items for a first quarter 2026 close. Integration will centre on keeping TRC’s utility relationships and project delivery in place while aligning systems and reporting.
WSP has said the TRC deal is expected to be low to mid single digit accretive to adjusted earnings per share before synergies, a sign it expects a clean handover. The accretion metric is a common benchmark in Canadian dealmaking and signals a focus on per share results.
Strategically, the bid underscores a Canadian push into U.S. grid work as electricity demand grows. WSP’s recent additions, including Ricardo and Power Engineers, point to a larger platform that spans environmental permitting, transmission design and program management.
The TRC purchase would give WSP more scale with U.S. utilities that are planning lines, substations and resilience upgrades. If the transaction closes on time, WSP’s U.S. power and energy franchise would be materially larger going into 2026, with broader exposure to long cycle grid projects. That is what WSP has been building toward, deal by deal, under its current plan.
