LONDON (ShareCast) - (Sharecast News) - Ricardo announced the completion of its acquisition of Australian infrastructure consultancy E3 Advisory on Tuesday, a specialist in transport, clean energy, water, and mining infrastructure projects.
The London-listed firm said E3 provides strategic advice to both government and private sector clients throughout the lifecycle of major infrastructure initiatives.

Under the terms of the acquisition, Ricardo took an 85% stake in E3 for AUD 101.4m (£51m), with plans to acquire the remaining 15% in three years.

The board said it expected the acquisition to enhance Ricardo's capabilities in infrastructure advisory services and strengthen its position in key markets, including transport and clean energy.

"E3 Advisory forms part of the next chapter for Ricardo and plays a pivotal role in transforming our business to create a leading position in environmental and energy solutions," said group chief executive officer Graham Ritchie.

"E3 Advisory brings value-added strategic advisory capability to the group's integrated global solutions offering, whilst also accelerating our commercial and operational scale in energy, water and transport in Australia, and more widely across the APAC region.

"We are delighted to welcome E3 Advisory to the Ricardo team."

At 1016 GMT, shares in Ricardo were flat at 436p.

Reporting by Josh White for Sharecast.com.

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