Wood to be Acquired by Sidara in £240 Million Deal Following Contract Wins
Wood is set to be acquired by Middle Eastern firm Sidara for £240 million after significant contract wins in the UK and abroad. Shareholders backed the deal in November, following a history of financial challenges after a costly acquisition in 2017. The company aims to continue operations under the Wood brand and has received a $450 million capital injection from Sidara to support its business. A court sanction is required for the takeover to proceed.
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Wood will be acquired by Sidara for £240 million after shareholders approved the deal in November. This follows a challenging period marked by a £2.2 billion acquisition of Amec Foster Wheeler in 2017, which left Wood with substantial debts.
Recent contract wins, including a 16-month extension for Shell in the Southern North Sea and a significant contract for the Rio Grande LNG terminal in Texas, indicate continued investment in oil and gas assets. Sidara will inject $450 million into Wood and plans to retain the Wood brand. A court hearing is expected in the first half of the year for final approval.
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