(Reuters) -Canada-based WSP Global said on Wednesday that it would acquire British environmental and engineering consulting firm Ricardo for about 363.1 million pounds ($489.6 million) including debt.
WSP Global to Purchase UK’s Ricardo for Approximately $490 Million
(Reuters) -Canada-based WSP Global said on Wednesday that it would acquire British environmental and engineering consulting firm Ricardo for about 363.1 million pounds ($489.6 million) including debt.
Under the deal, Ricardo shareholders will receive 430 pence in cash per share, a 28.4% premium to its closing price on June 10.
The British company had been under pressure from rival and investor Science Group , who had been pushing for a sale or breakup of Ricardo amid calls to oust Chairman Mark Clare and other directors, citing underperformance and structural inefficiencies.
Science Group, Ricardo's second-largest investor with a 21.76% stake according to LSEG data, said on Wednesday it would sell a 20% stake to WSP for about 53.5 million pounds.
($1 = 0.7417 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Tasim Zahid)
