BY Richard Summerfield
WSP Global has agreed to acquire US power and energy firm TRC Companies in a $3.3bn all-cash deal.
The deal is expected to close in the first quarter of 2026, subject to regulatory approvals and customary closing conditions. To help finance the deal, WSP will sell about $850m in shares, including a $118m private placement deal with Quebec public-sector pension fund manager La Caisse, WSP’s largest shareholder.
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. According to WSP, the deal will position it as the largest engineering and design firm in the US, building on a series of earlier acquisitions, and significantly enhance its power and energy capabilities, while also broadening its expertise across water, infrastructure and environmental services. With the addition of TRC, WSP will have about 27,000 employees in the US, accounting for 34 percent of its US revenue.
“The proposed Acquisition of TRC is a defining moment in the execution of WSP’s 2025-2027 Strategic Plan,” said Alexandre L’Heureux, president and chief executive of WSP. “Building on our track record of excellence and compounding financial performance, this strategic move will cement WSP as the Power & Energy consulting leader in the U.S. 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 program 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 aging infrastructure to grid modernization and electrification,” he added.
“The joining of our two firms will create significant and exciting opportunities for our people, our clients and the communities in which we live and work,” said Christopher P. Vincze, chairman and chief executive of TRC. “With TRC’s innovative, technology-oriented power business, underscored by an advanced use of digital, we will significantly strengthen WSP’s Power & Energy offering. Additionally, TRC’s globally recognized Environmental & Infrastructure business, which is the seed from which TRC grew, will enhance WSP’s capabilities across Water, Infrastructure and Environment.
“Our combined skill sets will elevate us to better support, over the next decade and beyond, our people and planet as we face unprecedented growth of power needs on the back of ongoing electrification, the re-emergence of domestic manufacturing in the U.S. and the continued growth of infrastructure,” he continued. “We were an early pioneer in the utility sector and continue to be a trusted thought partner, working to create, implement and manage complex strategies and programs to meet the country’s power needs. TRC’s people continue to be passionate about making the world a better place, and this next chapter will allow us to come together with WSP in a very exciting way to further that goal.”
“With this investment, La Caisse once again demonstrates its ongoing commitment to WSP, helping to position the company as a leader in engineering and design in the United States and globally, while accelerating the development of its Energy offering, a sector with strong potential,” said Kim Thomassin, executive vice president and head of Québec at La Caisse. “This transaction is at the core of our strategy to support the international expansion of companies firmly rooted in Québec and to give them the means to achieve sustainable growth.”
The deal comes at a time when US power consumption is surging, fuelled by rising demand from AI-focused data centres and cryptocurrency mining.
News: WSP Global to acquire TRC Companies in $3.3 billion deal