Ricardo completes sale of Ricardo Defense

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."

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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 Natasha Perfect	Tel [phone] [e-mail]
SEC Newgate	Elisabeth Cowell Ian Silvera	Tel [phone] [e-mail]

 

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