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Jacobs to Sell Energy Unit to WorleyParsons for $3.3 Billion

Co. to focus on high growth aerospace and infrastructure units
Retaining exposure to energy sector with WorleyParsons stake

relates to Jacobs to Sell Energy Unit to WorleyParsons for $3.3 Billion — Photographer: Kristoffer Tripplaar/Sipa via AP

By

James Thornhill and

October 21, 2018, 11:51 PM UTCUpdated onOctober 22, 2018, 3:59 PM UTC

Jacobs Engineering Group Inc. agreed to sell its energy, chemicals and resources unit to Australia’s WorleyParsons Ltd. for $3.3 billion to focus on its higher growth and margin aerospace and infrastructure businesses.

Jacobs will get $2.6 billion in cash and about 58.2 million WorleyParsons shares, worth around $700 million and equal to about 11 percent of its stock, the Dallas-based company said in a statement. The deal is expected to close in the first half of 2019.