WSP buys power infrastructure firm in latest M&A move

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.”

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