Wood Completes Sale of EthosEnergy for $138 Million
The John Wood Group (Wood) has announced that it has completed the sale of its shares in Ethos Energy Group Limited (EthosEnergy), a joint venture focused on rotating equipment.
Wood has completed its sale to One Equity Partners for a final net cash consideration of $138 million, of which $42 million of previously planned loan notes will be replaced by additional cash consideration upon closing.
Ken Gilmartin, CEO of Wood, said: "We are pleased to have completed the sale of EthosEnergy to One Equity Partners. This strategic divestment is part of our strategy to be selective and focus on our core businesses. We will continue to realign our portfolio to deliver on our commitment to simplify Wood."
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