Wood Group (John) PLC Disposal of nuclear business (5541J)
20 Agosto 2019 - 8:01AM
UK Regulatory
TIDMWG.
RNS Number : 5541J
Wood Group (John) PLC
20 August 2019
20(th) August 2019
Wood reaches agreement to sell nuclear business
John Wood Group PLC announced today the sale of its nuclear
business to a subsidiary of Jacobs for a cash consideration of
GBP250 million (around $305 million) representing a multiple of
approximately 12.4x based on 2018 EBITDA of GBP20.2 million ($26.3
million).
Closing is conditional upon, among other things, obtaining
anti-trust clearance from the Competition and Markets Authority
("CMA") and is currently anticipated before the end of Q1 2020.
Both parties have agreed that Jacobs will pay a fee of GBP7.5
million (over $9 million) to Wood in certain circumstances where
the transaction is not cleared by the CMA. The cash proceeds from
the divestment will be used to reduce debt and will enable Wood to
take a significant step towards achieving its target leverage
policy.
David Kemp, Wood's Chief Financial Officer, said: "The sale of
our nuclear business follows other recent divestments and marks a
significant step towards achieving Wood's target leverage policy.
Although our nuclear business is a strong UK player and has
performed well, we see better opportunities to develop clear global
leadership positions across other parts of our business."
The Wood nuclear business designs, delivers and maintains
strategic and complex nuclear assets for customers primarily in the
UK. In 2018, the profit before tax for the year amounted to $14.2
million and gross assets at year-end amounted to $464 million.
-Ends-
Note to Editors:
Wood is a global leader in the delivery of project, engineering
and technical services in energy, industry, and the built
environment. We operate in more than 60 countries, employing around
60,000 people, with revenues of around $11 billion. We provide
performance-driven solutions throughout the asset life cycle, from
concept to decommissioning across a broad range of industrial
markets, including the upstream, midstream and downstream oil &
gas; power & process; environment and infrastructure; clean
energy; mining; nuclear and general industrial sectors.
www.woodplc.com
For further information contact: press.office@woodplc.com
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END
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