WSP buys power infrastructure firm in latest M&A move | Dump Trucks Charlotte NC

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Columbus Ohio Dump Truck Company Brief:

• To cap off an M&A news-heavy 2025,  Montreal-based WSP has made a deal to purchase TRC Companies, a U.S.-based power and energy contractor, for a $3.3 billion cash purchase price, according to a Dec. 15 news release.
• The move will help WSP expand its performance in key markets and expand its relationships with clients, while also leveraging the approximately 8,000 employees at Windsor, Connecticut-based TRC to provide long-term value for customers facing complex infrastructure and energy challenges, WSP said.
• “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,” said Alexandre L’Heureux, WSP’s CEO, in the news release. 

Dump Trucks Columbus OH Insight:

The deal itself is funded via a $732 million bought deal public offering of common shares at $232.80 per each share, and approximately $118 million private placement of common shares at the offer price to La Caisse, the province-managed investment firm of Québec. 

Meanwhile, Canadian Imperial Bank of Commerce and JP Morgan Chase Bank, N.A. will act as co-lead arrangers and joint bookrunners, per the announcement. Both banks have provided commitments for $3.3 billion in senior unsecured non-revolving term loans.

“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,” Christopher Vincze, TRC’s CEO, said in the news release. “With TRC’s innovative, technology-oriented power business, underscored by an advanced use of digital, we will significantly strengthen WSP’s Power & Energy offering.”

For observers in the construction industry, the move isn’t shocking — WSP has a history of aggressive M&A action, and made news in October for its rumored offer to buy Dallas-based Jacobs, another large player in the construction industry.

To that point, other acquisitions that WSP has completed in the past year include Ricardo, a U.K.-based engineering consultancy, also in October, and life sciences consulting firm Lexica in June.

M&A is key to the company’s strategy, and L’Heureux said as much during the company’s Q3 earnings call on Nov. 6.

“I do not think anyone should be surprised because I am probably the biggest supporter and avid supporter of consolidation in our industry,” L’Heureux said in reference to the M&A rumors. “I am not surprised that our name is being thrown around with possible rumors. Obviously, I am not going to comment on those rumors. I was a big proponent of our model 10 years ago, and I continue to be.”