$3.3bn Deal Makes WSP Largest US Engineering Firm

WSP Global has announced a US$3.3 billion acquisition of US power and energy company TRC Companies, a move it says will make it the largest engineering firm in the United States.

The company stated the acquisition would “supercharge” its capabilities in power and energy while also strengthening its offerings in water, infrastructure, and environmental services. 

TRC, headquartered in Windsor, Connecticut, employs around 8,000 staff and provides engineering and consultancy services to major utility companies. 

It is currently majority owned by funds managed by private equity firm Warburg Pincus.

Alexandre L’Heureux, president and CEO of WSP, said, “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.”

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WSP highlighted that the deal would open “potential cross-selling opportunities” across power engineering, environmental solutions, and advisory services. 

It also expects cost synergies to exceed three per cent of TRC’s net revenues for the financial year ending 30 June 2025, which totalled US$1.2 billion.

Christopher P. Vincze, chairman and CEO of TRC, 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. 

“With TRC’s innovative, technology-oriented power business, underscored by an advanced use of digital, we will significantly strengthen WSP’s Power & Energy offering.”

The acquisition follows WSP’s purchase of UK-based Ricardo in June for £363 million, a deal aimed at sharpening the company’s focus on energy, environment, and rail. 

WSP reported revenues of C$16.2 billion (US$11.6 billion) for its 2024 financial year, with 43 per cent coming from the US and Latin America.

Industry analysts say the TRC deal positions WSP to take on increasingly complex projects, from modernising ageing infrastructure to advancing grid electrification initiatives, while expanding its footprint in the US market.

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