Pinsent Masons advises John Wood Group PLC on business sale
Pinsent Masons has advised Aberdeen-based John Wood Group PLC on the sale of its industrial services business to KAEFER, a technical services provider, for $104 million (£80m) and a further payment of up to around $14m (10.8m) pending achievement of agreed financial goals.
The divestment is another step in Wood’s portfolio rationalisation strategy and follows the planned sale of the company’s nuclear business, which was announced in August 2019 and is expected to complete in Q1 2020.
Wood’s industrial services business provides integrity and fabric maintenance for assets in the marine, process energy, offshore oil & gas and infrastructure sectors across the UK and Ireland.
Corporate partner Helen Ridge led the Pinsent Masons team, which also included associate Anna Mee, Neil Munford and tax senior associate Andrew McCarthy.
Ms Ridge said: “We were delighted to work closely with the John Wood Group PLC team on this strategically important divestment. This sale helps John Wood Group’s rationalisation strategy and we look forward to future collaboration with the team.”