WSP Global Inc. has entered into an agreement to acquire TRC Companies for US$3.3 billion (C$4.5 billion) in cash, marking a significant expansion of its Power & Energy capabilities. The transaction, announced December 15, 2025, will position WSP as the largest engineering and design firm in the United States.

TRC, based in Windsor, Connecticut, employs approximately 8,000 people and specializes in end-to-end infrastructure solutions for utilities and energy clients. The acquisition will enhance WSP's capabilities across power delivery, transmission, distribution, and advisory services. For the financial year ended June 30, 2025, TRC reported net revenues of US$1.19 billion (C$1.66 billion) and adjusted EBITDA of US$192.3 million (C$268.5 million).

The acquisition price represents 14.5x TRC's projected 2026 adjusted EBITDA pre-synergies and 12.5x including run-rate cost synergies exceeding 3% of TRC's net revenues. WSP is financing the transaction through US$3.3 billion in committed credit facilities, C$732 million in equity through a public offering, and C$118 million via private placement to Caisse de dépôt et placement du Québec.

JP Morgan and CIBC Capital Markets are advising WSP, with legal counsel from Skadden, Arps, Slate, Meagher & Flom (US) and Stikeman Elliott (Canada). TRC is advised by Harris Williams, UBS Investment Bank, AEC Advisors, and Houlihan Lokey, with legal representation from Paul, Weiss, Rifkind, Wharton & Garrison. The transaction is expected to close in Q1 2026.