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Bids, Mergers and Takeovers

Ricardo to acquire Control Point Corporation

02 August 2017 07:39

Ricardo signed a share purchase agreement to acquire the US based full-service engineering firm Control Point (CPC), comprising the business, operating assets and employees engaged in the business of CPC which will then become part of Ricardo's US subsidiary, Ricardo Defense Systems (RDS).

The acquisition of CPC is central to the growth of Ricardo's defence business, significantly expanding the range of opportunities that can be pursued within the US defence sector.

New capabilities available through this acquisition include expanded vehicle engineering capabilities, expertise in distributed software-based systems and fleet management technologies, in addition to expertise in energy and resource management.

Founded in 1995, CPC has offices located in Michigan, California, Maryland and Alabama.

The acquisition, which is subject to regulatory approvals, including that of the Committee on Foreign Investment in the United States, is expected to be completed by 1 September 2017.

The total cash consideration is $10.2 million, subject to any adjustment to reflect normalised levels of working capital, the achievement of certain financial performance targets and the retention of specific individuals.

Story provided by StockMarketWire.com

Related Company: RCDO

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