North Sea company Wood Group finalizes discounted purchase agreement
Wood Group Agrees to Cut-Price Takeover by Dubai-Based Sidara
In a significant move, the troubled engineering and energy services firm, Wood Group, has agreed to a cut-price takeover by its Dubai-based suitor, Sidara, for £216 million. This follows an earlier offer made in mid-April, which valued Wood Group at £242.2 million.
The deal comes amidst Wood Group's financial woes, with its shares suspended from the London Stock Exchange due to delayed full-year financial results. The firm's current capital structure is unsustainable, burdened with debts worth about £1.2 billion.
Yesterday, Wood agreed to sell its North American transmission and distribution business to power solutions firm Qualus in a $110 million (£81.5 million) deal. However, the search results do not provide any information about which entrepreneur or company will take over this business as part of Wood Group's debt reduction plan.
Over the past year, Wood has been selling parts of its operations to help cut its debts. This strategic move is aimed at securing the firm's future and ensuring its survival amidst challenging economic conditions.
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As the story unfolds, we will keep you updated on the developments regarding Wood Group and its takeover by Sidara. Stay tuned for more updates.
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