FOR
IMMEDIATE RELEASE
2
January 2025
Ricardo plc ("Ricardo" or the
"Group")
Ricardo completes sale of
Ricardo Defense
Ricardo plc, a
global strategic, environmental and engineering consulting
company, today announces that it has completed the sale of
Ricardo Defense Inc. to Proteus Enterprises LLC and Gladstone
Investment Corporation, via GPD Acquisition Inc. for US $85 million
(£67.5 million*);
Terms of the transaction
In accordance with the terms of the
sale agreement entered into between both parties, the transaction
has been successfully concluded for a cash consideration of $85
million (£67.5million) on a cash-free, debt-free basis.
Use
of the proceeds
In connection with the transaction,
Ricardo intends to utilise the net disposal proceeds
to fund all the cash
consideration for the initial 85% of E3 Advisory,
a leading Australian infrastructure advisory
firm.
Ricardo originally announced on the
16 December 2024 that it had simultaneously entered into an
agreement to acquire E3 Advisory and divest its Ricardo Defense
business. Subject to final closing conditions, Ricardo expects to
conclude the acquisition of E3 Advisory shortly.
Commenting on the announcement, Graham Ritchie, Ricardo Group
CEO stated:
"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 defense companies."
- ENDS-
About Ricardo Group plc
Ricardo Group plc is a global
strategic, environmental, and engineering consulting company,
listed on the London Stock Exchange. With over 100 years of
engineering excellence and close to 3,000 employees in more than 20
countries, we provide exceptional levels of expertise in delivering
innovative cross-sector sustainable outcomes to support energy
transition and scarce resources, environmental services, together
with safe and smart transport solutions. Our global team of
consultants, environmental specialists, engineers, and scientists
support our customers to solve the most complex and dynamic
challenges to help achieve a safe and sustainable world. Visit
www.Ricardo Group.com.