WSP to acquire Ricardo in £363m deal as it sharpens focus on energy, environment and rail

The acquisition values Ricardo at £363m (CAN$670 million) and will add around 2,700 staff to WSP’s global workforce. Ricardo operates across more than 20 countries, including markets such as the UK, Australia, the Netherlands, North America, and the Middle East.

Headquartered in the UK, Ricardo has repositioned itself in recent years to focus on advisory services around air quality, water management, energy resilience, policy, and rail systems.

WSP said the deal would accelerate its expansion in targeted high-growth areas.

The company’s president and chief executive Alexandre L’Heureux said the deal fits the company’s 2025-2027 global strategy, particularly its ambitions in advisory services, energy transition and rail. “We are poised to enhance our ability to deliver innovative solutions as we combine our global reach and resources with Ricardo’s complementary expertise,” he said.

Ricardo’s automotive and industrial operations (A&I) and its performance products (PP) business, which include propulsion design, systems engineering and niche manufacturing, remain subject to a strategic review. WSP indicated that a sale of those business divisions is likely in due course, signalling a continued pivot away from traditional industrial engineering towards higher-margin consulting services.

Over the past decade, WSP has used a steady series of acquisitions - including Golder, Louis Berger, and the £1.5 billion acquisition of the environment and infrastructure business of John Wood Group in 2022 - to grow into one of the largest multidisciplinary consultancies worldwide, with particular strength in infrastructure, transport, environment and sustainability-led projects.

Completion of the Ricardo transaction is expected in the fourth quarter of 2025, subject to shareholder and regulatory approvals