31st May 2019 08:27
LONDON (Alliance News) - Ricardo PLC on Friday said it has completed its Transport Engineering Pty Ltd acquisition, which launches as Ricardo Rail Australia.
Engineering and environmental consultancy Ricardo acquired Transport Engineering for a total maximum consideration of AUD53.6 million, around GBP29 million. This price is subject to adjustments for cash and normalised net working capital, as well as financial performance targets.
Transport Engineering is an Australian rail technical consultancy. With the acquisition complete, Transport Engineering now launches as Ricardo Rail Australia, the Australian division of Ricardo's rail business. Ricardo Rail Australia is to be a core part of Ricardo's rail segment, "adding breadth and depth to Ricardo's existing strong rail capabilities", it said.
The acquisition is also expected to give Ricardo "a strong foothold in the rapidly growing Australian rail market together with a footprint for other Ricardo businesses".
Shares in Ricardo were untraded at 771.00 pence on Friday morning.
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