A US$3.3-billion all-cash acquisition is set to reshape the U.S. power and energy engineering landscape, highlighting accelerating consolidation as electricity demand rises across North America. Aging infrastructure, grid modernization and long-term electrification trends are driving sustained investment in the sector.
BNN Bloomberg spoke with Alexandre J. L’Heureux, CEO of WSP Global, about the strategic rationale behind acquiring TRC Companies, how the deal strengthens its U.S. footprint and why power and energy has become a long-duration growth opportunity.
Key Takeaways
- The US$3.3-billion all-cash deal reflects accelerating consolidation in the U.S. power and energy engineering market as demand continues to rise.
- Aging transmission infrastructure in the U.S. and Canada is creating long-term replacement and grid expansion opportunities.
- Power and energy demand is being driven by both electrification and overall energy addition, not solely data centres.
- Scale is increasingly critical as utilities seek firms capable of delivering complex, multi-year transmission and grid projects.
- Government efforts to speed up infrastructure approvals could improve project timelines and support sustained sector growth.
Read the full transcript below:
ANDREW: WSP Global is making a major acquisition, buying U.S.-based TRC Companies in an all-cash deal valued at US$3.3 billion. The engineering firm is pushing deeper into the power and energy sector. Joining us now is WSP Global CEO Alexandre J. L’Heureux. Thank you very much for being here.
ALEXANDRE: It’s a real pleasure to be here. Thank you.
ANDREW: Tell us about the company you’re buying. What does TRC specialize in?
ALEXANDRE: TRC is a premier brand in the power and energy sector, so I’m extremely pleased with this acquisition. Combined with the Power Engineers acquisition we completed a little more than 12 months ago, this really cements our position as the undisputed leader in transmission and distribution in the United States.
ANDREW: You’ve also said this deal makes you the largest engineering and design firm in the U.S. by revenue. Is that correct?
ALEXANDRE: Yes. With this acquisition, TRC brings about 8,000 people and roughly US$1.2 billion in net revenue. Based on total net revenue, we are now the largest engineering and design firm in the United States, and we’re very pleased with that position.
ANDREW: Just to clarify, does that mean you’re larger than firms like Fluor, Bechtel or Jacobs?
ALEXANDRE: We need to be careful not to include the gross revenue of contractors. But if you look at pure engineering firms like Jacobs, AECOM and others, our total net revenue does exceed those firms.
ANDREW: You’re also raising about $850 million through a share offering. Is that in Canadian or U.S. dollars?
ALEXANDRE: That’s in Canadian dollars.
ANDREW: How are you financing the remainder of the purchase price?
ALEXANDRE: The balance is being financed through public bond issuance and debt financing that was secured just prior to the transaction.
ANDREW: You sound quite excited about the opportunity here. The electricity buildout in the United States is massive, driven in large part by demand from data centres.
ALEXANDRE: Exactly. It’s important to remember that data centres, despite all the attention they receive, still represent a relatively small portion of total electricity consumption in the U.S. and Canada today. What we’re seeing is not only an energy transition, but also a significant energy addition. Transmission lines in the U.S. have an average age of 30 to 40 years, so much of that infrastructure will need to be replaced. Connecting new transmission lines to existing grids, and building entirely new grids, represents a major opportunity. The same is true in Canada, where aging infrastructure and new grid development will both be required. We believe we’ve entered a very high-growth area for the company over the past 24 months.
ANDREW: Given that scale of demand, are you turning away work in the electrical sector?
ALEXANDRE: There is certainly a lot of work, and we expect that to continue over the next decade. If you look at TRC’s track record, it delivered between 11 and 12 per cent organic growth over the past four or five years. Power Engineers showed a very similar growth profile. We’re hopeful that this level of growth will continue for quite some time.
ANDREW: Did you ever expect to see this level of excitement around electricity demand? For decades, growth was relatively flat in the U.S. and Canada.
ALEXANDRE: You’re right. But even over the past decade, firms like Power Engineers have been growing organically at more than 10 per cent a year. Perhaps it wasn’t discussed as much, but the aging infrastructure in the U.S. is something that has to be addressed. That creates a real opportunity to expand the scope of services we provide to major investor-owned utilities.
ANDREW: In Canada and other countries, people are often frustrated by how long large engineering projects take because of bureaucracy and lengthy approval processes. Do you think that’s starting to change?
ALEXANDRE: Time will tell, but I do believe governments are showing a stronger intention to expedite large infrastructure projects. We’re seeing that at both the federal and provincial levels in Canada, as well as in the United States. I haven’t seen this level of desire to speed up approvals in a very long time, and that’s a positive development.
ANDREW: You joined WSP as chief financial officer in 2010 and became president and CEO in 2016. As a finance professional, do engineers ever try to overwhelm you with technical jargon?
ALEXANDRE: I often say I’m surrounded by people who are much smarter than I am. But I think we’re very complementary. I bring a certain skill set to the firm, and our people bring incredible domain expertise to our clients. It’s been a great combination, and it’s an honour to lead this team.
ANDREW: We’ll have to have you back to talk about some of those ultra-slim skyscraper projects your firm is known for. But we’ll leave it there for now. Thanks very much for joining us.
ALEXANDRE: My pleasure. Talk soon.
ANDREW: That’s WSP Global CEO Alexandre J. L’Heureux.
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This BNN Bloomberg summary and transcript of the Dec. 16, 2025 interview with Alexandre J. L’Heureux are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
