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WSP Global to Acquire Ricardo Plc in £281m Deal

With investor backing covering nearly half of Ricardo’s shares, WSP heads toward final regulatory approval of its takeover

The WSP Global Inc. logo is seen in Toronto on Sunday, Sept. 1, 2024. THE CANADIAN PRESS/Sean Vokey
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Ricardo’s contracts have included communications systems for the US army

Overview

  • WSP Global agreed to buy London-listed engineering firm Ricardo for £281 million, valuing shares at 430p each and representing a 28% premium to the June 10 closing price.
  • The Canadian consultancy secured letters of intent from investors holding around 48% of Ricardo’s share capital and purchased a 19.99% stake from Science Group to bolster its position.
  • The transaction remains subject to regulatory approvals and is expected to close in the fourth quarter of 2025.
  • WSP plans to continue a strategic review of Ricardo’s Automotive & Industrial and Performance Products divisions, which could lead to their sale.
  • WSP CEO Alexander L’Heureux said the deal advances the company’s sustainable growth and expansion into advisory, energy transition and rail sectors, while Ricardo’s chair Mark Clare highlighted enhanced career opportunities for employees and broader services for clients.