The nuclear business of John Wood Group – which is working on decommissioning the Sellafield site in Cumbria – has been sold to a US business for £250m.
Jacobs is behind the acquisition, with closing conditional upon obtaining anti-trust clearance from the Competition and Markets Authority (CMA).
This is anticipated before the end of Q1 2020.
Both parties have agreed that Jacobs will pay a fee of £7.5m to Wood in certain circumstances where the transaction is not cleared by the CMA. The proceeds from the divestment will be used to reduce debt and allow Wood to take a significant step toward achieving its target leverage policy.