Future Of British Business
Wood to Sell Built-Environment Unit to WSP for $1.9 Billion
- Aberdeen-based Wood will use proceeds to reduce debt
- Completion is expected in the second half of this year
Montreal-based engineering-services firm WSP Global Inc. will buy John Wood Group Plc’s built-environment consulting business for about $1.9 billion.
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John Wood Group Plc agreed to sell its built-environment consulting business to WSP Global Inc. for gross proceeds of about $1.9 billion.
Scottish engineering group Wood will use the money to reduce debt, it said in a statement. The firm had indicated back in January that a process was under way to sell the unit, which helps governments and companies measure environmental risks. Such deals have gathered pace as an increased investor focus on sustainability issues drives demand for businesses in that space.