WSP Global Inc. completed a bought deal public offering and concurrent private placement on December 22, 2025, raising aggregate gross proceeds of approximately $977.5 million. The offering, announced alongside WSP's December 15, 2025 acquisition announcement of TRC Companies, consisted of 3,616,750 common shares issued at $232.80 per share for gross proceeds of approximately $842 million, including full exercise of the 471,750-share over-allotment option. The underwriter syndicate was co-led by CIBC Capital Markets, BMO Capital Markets, and National Bank Capital Markets.

Concurrently, Caisse de dépôt et placement du Québec purchased 582,328 common shares at the same price for gross proceeds of approximately $136 million, including 75,955 shares from full exercise of an additional subscription option. La Caisse now holds 18,695,055 common shares, representing approximately 13.9% of outstanding shares.

Net proceeds will partially fund WSP's acquisition of TRC Companies, a U.S. power and energy firm, for US$3.3 billion (C$4.5 billion), reducing amounts to be drawn under committed acquisition financing. The transaction is expected to close in the first quarter of 2026, subject to customary conditions and regulatory approvals. WSP expects a pro forma net debt to adjusted EBITDA ratio of approximately 2.4x upon closing, targeting a return below 2.0x within twelve months.

Stikeman Elliott LLP served as Canadian counsel to WSP, Skadden, Arps, Slate, Meagher & Flom LLP as U.S. counsel, and Fasken Martineau DuMoulin LLP advised the underwriters.