LONDON: Ricardo PLC said Tuesday that the High Court of Justice has sanctioned its recommended final cash acquisition by WSP Group Limited, a wholly owned subsidiary of WSP Global Inc., paving the way for the deal to become effective on Oct. 9.
The acquisition, first announced on June 11, will be implemented through a scheme of arrangement under Part 26 of the Companies Act 2006. WSP UK will acquire all issued and to-be-issued shares of Ricardo, excluding those already held under the SG Share Purchase Agreement.
Ricardo shareholders approved the transaction at meetings held on July 15. Regulatory clearances from Saudi Arabia, Australia and the United Kingdom were confirmed on Sept. 4, satisfying key conditions outlined in the scheme document published on June 23.
Following Tuesday’s court order, the scheme is expected to become effective upon delivery to the Registrar of Companies. Ricardo said there have been no material changes to the acquisition timeline.
The last day for trading and registering transfers of Ricardo shares is Oct. 8, with CREST expected to be disabled at 6 p.m. that day. Ricardo has applied to the Financial Conduct Authority and the London Stock Exchange for suspension and cancellation of its shares from the Main Market and Official List. Suspension is scheduled for 7:30 a.m. on Oct. 9, with cancellation expected to follow at the same time on Oct. 10.
The acquisition marks a significant expansion for WSP Global, strengthening its engineering and environmental consulting portfolio across key markets.