17th Apr 2015 07:12
LONDON (Alliance News) - Engineering and consultancy group Ricardo PLC on Friday said it has struck a deal to acquire the business, operating assets and employees at Lloyd's Register Rail from Lloyd's Register Group Ltd.
Ricardo will pay GBP42.5 million in cash for Lloyd's Register Rail, a rail consultancy and assurance business.
It will combine the business with its existing rail consultancy division and said it expects the deal to be immediately earning accretive.
"We are delighted to announce today's agreement to acquire Lloyd's Register Rail from Lloyd's Register Group, which on completion will be immediately enhancing to underlying earnings to Ricardo's shareholders," said Dave Shemmans, Ricardo's Chief Executive.
Shares in Ricardo were up 1.5% to 776.75 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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