Wood Group completes sale of TNT business in $38m deal
Wood Group confirmed on Friday that it has completed the sale of its conveyor systems business Terra Nova Technologies (TNT).
FTSE 250
20,164.54
17:00 03/05/24
n/a
n/a
FTSE 350
4,515.50
16:54 03/05/24
n/a
n/a
FTSE All-Share
4,469.09
17:14 03/05/24
n/a
n/a
Oil Equipment, Services & Distribution
4,928.34
16:30 11/04/24
0.00%
0.00
Wood Group (John)
152.00p
16:40 03/05/24
1.47%
2.20p
The FTSE 250 company had announced the disposal on 25 March.
It explained that, following a strategic review of its portfolio, it had identified potential asset disposals which were expected to generate proceeds of between $200m and $300m.
The transaction mad a “good contribution” to the asset disposal programme, Wood’s board said.
“The TNT business was sold to Cementation Americas, a firm owned by Murray & Roberts Holdings, for $38m, representing a multiple of 5.2x 2018 EBITA of $7.3m.”