REG - Ricardo PLC - Ricardo completes sale of Ricardo Defense

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02/01/2025 07:00

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RNS Number : 8201R  Ricardo PLC  02 January 2025

 

 

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.

 

 Investor and media relations
 Ricardo Group plc  Judith Cottrell   Tel 01273 455 611

                    Natasha Perfect   investors@r (mailto:investors@ricardo.com) icardo
                                      (mailto:investors@ricardo.com) .com (mailto:investors@ricardo.com)

 SEC Newgate        Elisabeth Cowell  Tel 020 757 6882

                    Ian Silvera       ricardo@secnewgate.co.uk (mailto:ricardo@secnewgate.co.uk)

 

 

 

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