Ricardo signs deal to buy Australian consultancy Inside Infrastructure

(Alliance News) - Ricardo PLC on Monday signed an agreement to buy private Australian consultancy ...

Alliance News 7 March, 2022 | 10:33AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Ricardo PLC on Monday signed an agreement to buy private Australian consultancy Inside Infrastructure.

The West Sussex-based engineering, environmental and strategic consultancy said that the agreement includes the acquisition of Inside Infrastructure's entire business, operating assets, and employees.

Ricardo did not disclose the purchase price of the acquisition.

The deal is still subject to closing conditions and is expected to conclude within the next month.

Ricardo said it expects the Adelaide, Australia-based provider of environmental and technical advisory services to expand its environmental capabilities across Australia.

"Inside Infrastructure's customer base complements Ricardo's existing presence in water and utilities as well as offering Ricardo the opportunity to expand into adjacencies through a strong customer base in mining and Australian government sectors," the company said.

Chief Executive Graham Ritchie added: "Inside Infrastructure fits well within all the characteristics of our investment strategy - it's environmentally led and strengthens our current market position as well as opening into new growth sectors."

Shares were down 3.6% at 362.50 pence each on Monday morning in London.

By Abby Amoakuh; abbyamoakuh@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Ricardo PLC 492.00 GBX -0.40 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures