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Wood Group sells North American division for $110m
(Sharecast News) - Engineering and consulting business Wood Group has sold its transmission and distribution division in North America as it sheds non-core businesses ahead of its possible takeover by Sidara. North America T&D, which provides power infrastructure engineering for substations, transmission, distribution and renewable generation across Canada and the US, is being sold to Qualus for $110m.
The sale, which values the division at 14.9 times adjusted EBITDA, follows a "highly competitive auction process", Wood said.
The proceeds will be used to partially pay down debt as well as general corporate purposes.
In February, Wood announced that it was targeting $150m-200m of disposal proceeds over 2025 to help offset the impact of negative free cash flow in the year.
"This sale, along with the sale of Kelchner and the agreement to divest our interest in RWG, has led to approximately $275 million of disposal proceeds agreed so far this year," said chief executive Ken Gilmartin.
"We are now on track to exceed our previously announced target for disposal proceeds as we continue to simplify our portfolio."
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