2023-2024
Acquisition of E3 Advisory and the Disposal of Ricardo Defense
Actioning our Ambition
Highlights
- Acquisition of 85% shareholding of E3 Advisory for AUD $104m, with remaining 15% expected to be acquired after 3 years
- The terms of the acquisition offer an attractive valuation for Ricardo at an adjusted c.8.6x EBITDA multiple based on FY 23/24
- Agreed sale of Ricardo Defense for US $85million on a cash free, debt free basis
- Disposal timing optimises cash for the Group, balancing finite nature of ABS and status of future new programmes
- Net disposal proceeds fund all the cash consideration for the initial 85% of Turbine
- Transactions expected to close in the coming weeks