WSP Global Inc., a Montréal-based professional services firm listed on the Toronto Stock Exchange, acquired TRC Companies, a United States power and energy engineering, consulting, and advisory firm, for a total cash purchase price of US$3.3 billion. TRC was majority owned by funds managed by Warburg Pincus and employs approximately 8,000 professionals across power, energy, utilities, environmental services, and program management. The acquisition positions WSP as the largest engineering and design firm in the United States by revenue and creates what WSP describes as the leading power and energy platform in the country, complementing its earlier acquisition of Power Engineers. The transaction was financed through committed acquisition financing, together with an equity raise that included a public offering and a private placement, and a US$1 billion senior unsecured note offering. WSP announced the agreement in mid-December 2025, and completed the acquisition in late February 2026 after satisfying customary closing conditions and obtaining regulatory approvals. The deal significantly expands WSP's capabilities across the power and energy value chain, including power delivery, transmission, distribution, and advisory services, at a time of accelerating electricity demand driven by electrification, grid modernization, and data-centre growth. For WSP, the acquisition advances its 2025 to 2027 global strategic action plan and deepens its presence in high-growth infrastructure sectors in the United States, adding scale across advisory, engineering, and program-management offerings.

JP Morgan and CIBC Capital Markets advised 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.