Wood Group (John) PLC Wood closes deal to sell nuclear business (3563F)
09 Marzo 2020 - 08:00AM
UK Regulatory
TIDMWG.
RNS Number : 3563F
Wood Group (John) PLC
09 March 2020
9 March 2020
Wood closes deal to sell nuclear business
John Wood Group PLC, the global engineering and consulting
company, announces today that it has closed the sale of its nuclear
business to Jacobs for a cash consideration of GBP250 million
(around $325 million). The deal represents a multiple of
approximately 12.4x based on 2018 EBITDA of GBP20.2 million ($26.3
million).
Agreement on the deal was reached in August 2019, with closing
conditional upon merger clearance from the Competition and Markets
Authority ("CMA") which was received on 4 March 2020.
The cash proceeds from the nuclear divestment and the recent
sale of Wood's industrial services business generated a total of
$429m. These moves form part of Wood's ongoing portfolio
optimisation focus and will also enable the company to reduce debt
and accelerate progress towards its target leverage policy.
David Kemp, Wood's Chief Financial Officer, said: "Future
portfolio optimisation will continue to be driven by our strategic
objective of building a premium, differentiated, higher margin
business focused on energy and built environment end markets. The
sale of our nuclear business and other recent divestments have also
enabled us to accelerate progress towards our leverage target."
The nuclear business Wood has divested designs, delivers and
maintains strategic and complex nuclear assets, primarily for
customers in the UK. Wood's environment and infrastructure
consultancy will continue to deliver environmental, regulatory and
permitting support, including large-scale remediation of
radiological constituents in various markets including North
America.
-Ends-
Note to Editors:
Wood is a global leader in the delivery of project management,
engineering, consulting and technical services to energy and built
environment customers. We operate in more than 60 countries,
employing around 60,000 people, with revenues of over $10 billion.
www.woodplc.com
For further information contact: press.office@woodplc.com
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END
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