Wood to Sell Environment Consulting Business for 1.9-Billion-Dollars

Divestment Wood to Sell Environment Consulting Business for 1.9-Billion-Dollars

02.06.2022 Source: Press release Ahlam Rais

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Wood has plans to sell its Built Environment business to WSP Global for 1.9 billion dollars. The deal will provide the firm with enhanced financial flexibility and help it to accelerate its strategy to become one of the leading players across energy security and sustainability.

Completion expected in the second half of 2022.
(Source: Pixabay)

London/UK – John Wood Group (‘Wood’ or ‘the Group’) has signed an agreement for the sale of its Environment consulting business (‘Built Environment Consulting’) to WSP Global (‘WSP’) for gross proceeds of approximately 1.9 billion dollars.

The 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 its strategy and shareholder returns, for example through the restoration of an ordinary dividend.

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The transaction is subject to various conditions, including Wood shareholder approval and certain regulatory approvals. Completion expected in the second half of 2022. The sale will significantly reduce the Group’s leverage and help the firm to accelerate its 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”.

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