In a landmark deal that reshapes the North American engineering landscape, Montreal-based WSP Global Inc. has announced an agreement to acquire U.S. engineering firm TRC Companies Inc. for US$3.3 billion in cash. The transaction, announced on Monday, December 15, 2025, is poised to catapult WSP to the position of the largest engineering and design firm in the United States.
Strategic Expansion and Financial Backing
The acquisition target, Windsor, Connecticut-based TRC, provides engineering and consulting services primarily to electrical utilities and energy firms. To finance the substantial purchase, WSP has secured a multi-faceted funding strategy. The company plans to raise approximately $850 million through a share sale, with a significant portion—$118 million—coming from its largest shareholder, the Caisse de dépôt et placement du Québec. Following this investment, Quebec's public pension fund will own roughly 14% of WSP.
Debt financing for the remainder of the acquisition has been committed by Canadian Imperial Bank of Commerce and JPMorgan Chase & Co.. TRC, which was owned by private equity firm Warburg Pincus LLC, reported robust financials for the year ending June 30, with US$1.5 billion in revenue and US$192 million in adjusted EBITDA. WSP stated the deal will be immediately accretive to its adjusted earnings per share, even before realizing any cost synergies.
From Canadian Midcap to Global Giant
This acquisition marks the latest in a series of strategic moves by WSP under CEO Alexandre L'Heureux, recently named Outstanding CEO of the Year. The company has transformed from a relatively unknown midcap Canadian firm into a sprawling international entity with a presence in dozens of countries, including China, the United Arab Emirates, and Germany. In the U.S. alone, WSP will now boast over 200 offices.
L'Heureux, speaking at a Montreal event last month, framed the company's growth philosophy: "We don't believe in growth for growth's sake. We do it because our clients demand it," he said. "Our clients are asking for more services, so we will seek out this technical expertise both organically and inorganically." The purchase of TRC, with its deep expertise in the energy and utilities sector, directly aligns with this client-driven strategy.
Transaction Details and Market Impact
Warburg Pincus originally acquired TRC from New Mountain Capital in a deal announced in October 2021. At that time, TRC employed just under 6,000 people. According to the latest statement, the firm's workforce has grown to approximately 8,000 employees, who will now join WSP's global team.
The deal solidifies WSP's dominant position in the competitive U.S. engineering market, building on its previous acquisitions. It represents a significant vote of confidence from the Caisse de dépôt and underscores the strength of Quebec-based corporations on the global stage. For the Canadian engineering sector, this transaction highlights a continued trend of consolidation and cross-border expansion, driven by the need for scale and diversified expertise to meet complex, large-scale client projects.
