2nd Jan 2025 11:01
Ricardo PLC - Shoreham-by Sea strategic, environmental and engineering consulting company - Completes the sale of Ricardo Defense Inc to Proteus Enterprises LLC and Gladstone Investment Corp via GPD Acquisition Inc for a total of USD85 million. Ricardo intends to use the proceeds to fund its acquisition of an initial 85% stake in E3 Advisory, an Australian infrastructure advisory firm. The first transaction is valued at AUD101.4 million, around GBP51.0 million, and Ricardo expects to purchase the remaining 15% of E3 Advisory by January 2028.
Chief Executive Officer Graham Ritchie says: "We continue to make progress in focusing on our core consulting portfolio as we accelerate our transformation to become a world-leading strategic and engineering consultancy in environmental and energy-transition services. For this reason, Ricardo firmly believes that Ricardo Defense will be a better fit for its new owners, who are focused on supporting and operating defence companies."
Current stock price: 419.48 pence, down 0.1% in London on Thursday morning
12-month change: down 15%
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.