WSP to Acquire Ricardo in Major Deal
In a significant move, global professional services firm WSP is set to acquire Ricardo, a leading environmental and energy transition consultancy, in a deal that is expected to enhance WSP’s capabilities in the sector. According to a report from Construction Enquirer, the acquisition is part of WSP’s strategy to expand its advisory, energy transition, water solutions, and rail services over the next three years.
Ricardo, which has its headquarters in the UK and operates across 20 countries, employs 2,700 staff and has been undergoing a restructuring to focus on its environment and energy and rail business. As part of this process, the company has identified its Automotive and Industrial and Performance Products division as “likely” to be sold, with WSP expected to acquire the business. The deal is seen as a strategic move by WSP to strengthen its position in the market and expand its service offering.
Alexandre L’Heureux, President and CEO of WSP, said: “The proposed acquisition of Ricardo perfectly aligns with WSP’s vision for sustainable, compounding growth and our clear ambitions to expand in advisory, energy transition, water solutions, and the rail sector over the next three years.” He added that the deal would enable WSP to “enhance our ability to deliver innovative solutions as we combine our global reach and resources with Ricardo’s complementary expertise.” L’Heureux also highlighted the shared entrepreneurial spirit and technical excellence between the two companies, which he believes will enable them to “create further value for our clients.”
The acquisition has been welcomed by Ricardo’s Chair, Mark Clare, who said: “Ricardo has made significant progress with its strategy to transform the business into a world leading environmental and energy transition consultancy, with its prospects underpinned by global mega trends supportive of long-term growth.” However, Clare also noted that the company still faced challenges, including execution risks and an uncertain geopolitical and macroeconomic backdrop. In this context, he believed that WSP’s offer represented a “highly attractive premium to recent average trading levels and provides certain value in cash today for Ricardo shareholders.”
Clare also highlighted the benefits of the deal for Ricardo’s employees and clients, saying: “Importantly, the Ricardo Directors believe that the Acquisition will provide enhanced career opportunities for Ricardo’s employees within the WSP Group as well as access for our clients to a broader service offering.” The deal is expected to bring together WSP’s global reach and resources with Ricardo’s expertise in environmental and energy transition consultancy, creating a powerful combination that can deliver innovative solutions to clients.
The acquisition of Ricardo by WSP is a significant move in the professional services sector, and is expected to have far-reaching implications for the industry. As reported by Construction Enquirer, the deal is part of WSP’s strategy to expand its capabilities and strengthen its position in the market. With its global reach and resources, WSP is well-placed to support Ricardo’s growth and development, and to deliver innovative solutions to clients. The deal is a testament to WSP’s commitment to sustainable growth and its ambition to be a leading player in the professional services sector.
According to Construction Enquirer, further details of the acquisition, including the financial terms of the deal, have not been disclosed. However, the report suggests that the acquisition is expected to be completed in the near future, subject to regulatory approvals. Once completed, the deal is expected to have a significant impact on the professional services sector, and will be closely watched by industry analysts and stakeholders.
The proposed acquisition of Ricardo by WSP is seen as a strategic move by the Canadian-based professional services firm to strengthen its capabilities and expand its global reach. The deal is part of WSP’s growth strategy, which focuses on expanding its advisory, energy transition, water solutions, and rail services over the next three years. With its expertise in environmental and energy transition consultancy, Ricardo is seen as a key player in the sector, and its acquisition by WSP is expected to enhance the company’s capabilities and service offering. As Construction Enquirer reports, the deal is a significant move in the professional services sector, and is expected to have far-reaching implications for the industry.
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