(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
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Ricardo (RCDO)