One of the country's oldest independent engineering companies has been acquired by a major Canadian firm in a £281 million buyout.
Ricardo PLC, an environmental and engineering consultancy firm based in Shoreham, announced on Tuesday that its £281 million all-cash buyout from Canadian consultancy firm WSP Global Inc has been approved in court.
Montreal, Quebec-based WSP will pay 430 pence per share for Ricardo PLC.
The offer was at a 28% premium to Ricardo's 335p closing price before the offer it was made. The stock was up 0.2% to 429.00p on Tuesday afternoon in London.
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The takeover was sanctioned in court on Tuesday. It was expected to become effective on Thursday, October 9, with the last day of dealings in shares on Wednesday, October 8.
The deal will see Ricardo's 2,600 staff, from across more than 20 countries, integrated into WSP's global workforce of 75,000
Ricardo provides automotive parts and engineering, environmental and strategic consultancy services.
The company was founded by engineer Sir Harry Ricardo in 1915, as Engine Patents Limited.
During the First World War, the company helped to develop a 600 brake horsepower engine for a flying boat, a device to manoeuvre battle tanks into position aboard railway wagons and a 150 brake engine for a tank which emitted no visible smoke detectable by the enemy.
In 1931, the company developed the Ricardo Comet combustion system, which initially to be used in London buses.
Sir Harry Ricardo was one of the foremost engine designers and researchers of the internal combustion engine.
He lived for much of his life in Lancing and Edburton.
