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WSP Global M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary15 Dec, 2025
Deal rationale and strategic fit
Acquisition creates the largest and most diversified engineering and design firm in the U.S., expanding scale and leadership in Power & Energy, advisory, program management, and digital solutions.
Aligns with the 2025-2027 Global Strategic Action Plan, accelerating organic growth and targeting high-growth sectors and digital transformation.
Diversifies capabilities across water, infrastructure, and environmental services, enhancing resilience and cross-selling opportunities.
TRC's expertise in grid modernization, digital solutions, and energy efficiency complements and expands offerings, enabling end-to-end solutions.
Diversifies revenue, with 34% of U.S. net revenues to be derived from Power & Energy.
Financial terms and conditions
Cash purchase price of US$3.3 billion, representing 14.5x TRC's estimated 2026 EBITDA pre-IFRS 16, or 12.5x post-synergies.
Funded by $850 million in new equity (public offering and private placement) and $3.3 billion in committed term loans/acquisition financing.
Pro forma net debt to adjusted EBITDA expected at ~2.4x at closing, with a target to reduce below 2x within 12 months post-closing.
Transaction expected to close in Q1 2026, subject to regulatory approvals and customary closing conditions.
Equity offering and private placement require Toronto Stock Exchange approval.
Synergies and expected cost savings
Cost synergies expected to exceed 3% of TRC's net revenues by end of 2027, with 50% realized in the first 12 months post-closing.
Additional revenue synergies anticipated through cross-selling and expanded client relationships.
High single-digit accretion to adjusted net earnings per share expected once synergies are fully realized.
Additional margin upside and revenue synergies identified but not included in initial accretion estimates.
Net synergy impact in first 12 months
How TRC's digital focus enhances WSP's offering?
Debt market access for rating preservation
How does TRC enhance WSP's water capabilities?
What drives TRC's recurring revenue?
What is the pro forma U.S. P&E net revenue?
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Next WSP Global earnings date
Q4 202526 Feb, 2026
Next WSP Global earnings date
Q4 202526 Feb, 2026
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WSP Global Inc. operates as a professional services consulting firm in the United States, Canada, the United Kingdom, Sweden, Australia, and internationally. The company provides project management, design and planning, environmental sciences, program management, construction quality assurance, and commissioning services.
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