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(Alliance News) - Ricardo PLC on Monday said it has agreed to acquire Australian-headquartered PLC Consulting Pty Ltd for up to AUD9.6 million in cash.
The AUD9.6 million, equivalent to GBP5.4 million, is adjustable based on net cash balances and working capital and will be paid though instalments over the next three years depending on targets.
The acquisition of PLC Consulting - an environment, planning and infrastructure advisory consultancy - is to complete at the end of July. PLC Consulting will continue to be lead by its founder and director, Deane Ellwood.
PLC Consulting will be part of the Energy & Environment business at engineering, technical, environmental, and strategic consultancy Ricardo.
"PLC Consulting has a strong technical advisory capability across the project life-cycle in infrastructure, environment and planning, including supporting the environmental requirements of master-planning, business cases, procurement, design, construction and operation. The services offered by the company complement and extend Ricardo's existing energy and environment capabilities within the growing Australian market," said Ricardo.
Shares in Ricardo were down 1.8% at 746.00 pence on Monday morning.
