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WSP Global to Acquire U.S.-Based TRC Companies in an All-Cash Deal Valued at $4.5B

WSP Global Inc. agreed to acquire TRC Companies in an all-cash deal valued at US$3.3 billion, with completion expected in the first quarter of next year, pending approvals.
By acquiring TRC, WSP Global Inc. aims to expand its Power & Energy offerings and enhance advisory and program management under its 2025-2027 Global Strategic Action Plan.
The companies say the target adds roughly 8,000 employees and ranks #17 on ENR's Top 500 Design Firms, #5 in Power and #3 in Transmission & Distribution, according to deal materials.
WSP projects the deal to be low- to mid-single-digit accretive to adjusted net earnings per share before synergies, with a pro forma Net Debt to Adjusted EBITDA of ~2.4x and a plan to return below 2.0x within 12 months.
In context, WSP's acquisition track record includes completing Ricardo PLC on Oct. 9, but the TRC deal remains subject to regulatory approvals and customary closing conditions, with forward-looking statements caution.

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