WSP completes £363m acquisition of Ricardo

Ricardo delists as WSP closes £363 million takeover. The Canada-based engineering and professional services group has finalised its acquisition of Ricardo PLC, marking the end of a 114-year-old British listing and extending WSP’s reach across energy transition, transport, and environmental consultancy.

WSP UK confirmed on 9 October that the scheme of arrangement for the all-cash deal had become effective, giving it full ownership of Ricardo’s issued share capital. Ricardo’s shares were suspended from trading that morning, with cancellation of its London Stock Exchange listing expected on 10 October.

Under the agreed terms, shareholders will receive 430 pence in cash per share — a premium of 28 per cent over Ricardo’s closing price on 10 June, the day before the offer was announced. The transaction values the West Sussex-headquartered business at around £363 million and follows regulatory clearance across the UK, Australia, and Saudi Arabia.

In a statement, WSP said the acquisition “perfectly aligns” with its ambition to strengthen capabilities in sustainability, energy transition, and infrastructure advisory services. Ricardo’s Energy & Environment arm — which provides strategy, policy, and engineering advice to public and private clients — was singled out as a major complement to WSP’s existing operations.

Ricardo has also been active in transport and rail consultancy, as well as automotive and industrial design. WSP indicated it will review Ricardo’s automotive and performance products divisions, which sit outside its core growth areas, for potential divestment.

Analysts have noted limited operational overlap between the two companies. Canaccord Genuity described the acquisition as “strategically logical,” citing Ricardo’s specialist environmental work and strong public-sector order book. The deal was financed through a £230 million term loan and WSP’s existing credit facilities.

Following completion, several non-executive directors of Ricardo have resigned, including chair Linda Apicella. Karen Sewell and Miles Barnard have been appointed as new non-executive directors representing WSP.

The transaction adds roughly 3,000 Ricardo employees to WSP’s global headcount of 67,000 and positions the group to capture growing demand for climate-related advisory work. Integration efforts will focus on aligning digital, environmental, and transport expertise under a single operating structure.

Ricardo’s chief executive, Graham Ritchie, who supported the deal earlier this year, said in June that WSP’s ownership would “unlock new growth opportunities and broaden Ricardo’s ability to deliver sustainable solutions globally.”