By: ICN Bureau
Last updated : January 07, 2025 6:05 pm
This strategic divestment is part of Wood's strategy to be selective and focused on our core business
John Wood Group (Wood) announces that it has completed the sale of its stake in Ethos Energy Group Limited (EthosEnergy), a joint venture focused on rotating equipment.
Wood has completed the sale to One Equity Partners for a final net cash consideration of $138 million, with $42 million of prior planned loan notes replaced by an additional cash consideration at completion.
Ken Gilmartin, CEO of Wood, said: "We are pleased to complete the sale of EthosEnergy to One Equity Partners. This strategic divestment is part of our strategy to be selective and focused on our core business. We will continue to align our portfolio as part of our commitment to simplify Wood.”