John Wood Group PLC (Wood; Aberdeen, Scotland) has signed an agreement for the sale of its Built Environment consulting business (‘Built Environment Consulting’) to WSP Global Inc. for gross proceeds of approximately $1.9 billion.
This divestment provides enhanced financial flexibility which will allow the Group to consider further options on the use of proceeds. These include measures to improve the future sustainable cash flow of the ongoing Group through the removal of certain liabilities, investment to accelerate our strategy and shareholder returns, for example through the restoration of an ordinary dividend. The transaction is subject to various conditions, including Wood shareholder approval and certain regulatory approvals. Completion of the transaction expected in the second half of 2022. The Sale will significantly reduce the Group’s leverage and help accelerate the strategy to be a leader across energy security and sustainability
Alexandre L’Heureux, President and Chief Executive Officer of WSP, said:“The addition of the Built Environment Consulting business will allow us to expand our Earth and Environment leadership across our key markets and geographies. We share a common purpose of making the world a better place and our united forces will only further our expertise to create a more sustainable and resilient world”.