John Wood Group has completed the sale of its 51% stake in the EthosEnergy joint venture to One Equity Partners, it said January 2. It received a final net cash consideration of $138mn, with $42mn of prior planned loan notes replaced by an additional cash consideration at completion.
Wood CEO Ken Gilmartin said the divestment was part of its strategy to be selective and the process of simplification was continuing. The other owner was Siemens AG, which also sold its stake to One Equity.
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