WSP Global has reached agreements to acquire the entire issued and to be issued share capital of Ricardo, a transaction which underscores WSP’s commitment to expanding its footprint in high-growth sectors worldwide.
USD 670 million is the value of the acquisition “which represents a multiple of 10.4x Ricardo’s pre-IFRS 16 underlying EBITDA for the 12-month period ended December 31, 2024,” WSP says.
Over the last few years, Ricardo has been reorienting its business to become a leading strategic and engineering consultancy firm, focused on its EE and rail portfolio. Under WSP’s ownership, Ricardo will continue its ongoing strategic review of the A&I and PP business units. While no firm decisions have been taken, the outcome of the strategic review is likely to result in a sale of the A&I and PP businesses at the appropriate time.
This acquisition represents an opportunity for WSP to progress its 2025-2027 global strategic action plan and accelerate its expansion in targeted high-growth areas. Geographically, Ricardo matches up well with WSP’s existing footprint and further strengthens its presence in several key markets, including the UK, Australia and the Netherlands.
“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,” Alexandre L’Heureux, President and CEO of WSP, said.
Headquartered in the United Kingdom, Ricardo is a global consulting firm delivering strategic, advisory, and engineering solutions that intersect the global transport, energy and environment agendas. Operating in over 20 countries, Ricardo is home to approximately 2,700 experts based across Europe, Australia, North America, Asia and the Middle East.
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