WSP Global (WSP) announced a splashy $4.5B deal for TRC, a price tag that translates to 12.5× 2026 EBITDA after synergies. The transaction math works from day one…

… and should improve to high-single-digit accretion after TRC is fully integrated. More than anything, the deal is a land grab - building on WSP’s $2.4B Power Engineers acquisition to grow the U.S. power business…

… and accelerate its push into the private sector, given over 80% of TRC’s business is done with non-government entities.

With management targeting leverage of sub-2x a year after closing, WSP could soon build on its $5B of committed capital in 2025…

… especially if the equity markets stay supportive, with $850M of this one funded through share issuance.