Ricardo Acquires Australian Water Advisor Aither

Ricardo Plc (RCDO.L), a British engineering and environment consultancy, said on Monday that it has acquired 90 percent of the Australian water advisor, Aither Pty Ltd., for 17 million pounds in cash from its founders and co-directors Chris Olszak and Will Fargher.

Of the total consideration, 9.6 million pounds were paid upon the completion.

The deferred consideration will be based upon the achievement of fixed milestones for the 10 months to be ended on December 31.

The deferred consideration can range from zero to a maximum of 7.4 million pounds.

The remaining 10 percent shareholding will be acquired on the second or third anniversary of the acquisition closure date.

For the year ended on June 30, 2022, Aither had reported profit before tax of around 1.3 million pounds, on sales of circa 5.8 million pounds.

The acquisition now allows the UK-based company to integrate Aither into its Australia operations to provide scale and depth in its portfolio, while the acquisition also provides an entry into the U.S. market for water-management services.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT