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John Wood Group PLC on Friday said it has sold its North American Transmission & Distribution engineering business to Qualus LLC for $110 million cash, as takeover talks rumble on. The Aberdeen, Scotland-based oilfield services and engineering consulting business said the sale values North America T&D at 14.9 times adjusted earnings before interest, tax, depreciation and amortisation and is consistent with Wood’s previously announced disposal programme of non-core businesses. North America T&D is a provider of comprehensive power infrastructure engineering for substations, transmission, distribution and renewable generation across Canada and US. Wood said the sale to Florida-based Qualus contributes to a total of around $275 million of disposal proceeds agreed so far in 2025. Qualus provides engineering and technical field services for electric utilities, power generation facilities, and other industrial and commercial clients. Wood said it expects the deal to complete in the third or fourth quarter of 2025 and said proceeds will be used to reduce net debt and retained for general corporate purposes. ‘We are now on track to exceed our previously announced target for disposal proceeds as we continue to simplify our portfolio,’ said Chief Executive Ken Gilmartin. John Wood remains the subject of bid interest from Dar Al-Handasah Consultants Shair and Partners Holdings Ltd, known as Sidara. On Thursday, Wood said it would be minded to accept a 30 pence per share proposal from Sidara should a firm bid be made. Sidara has until 1700 BST Friday to submit a firm proposal unless the deadline is extended. Shares in John Wood remain suspended at 18.20p each in London. In April, Sidara made a 35p per share to John Wood but reduced this in August, having completed due diligence. John Wood rejected an offer from Sidara in August last year for 230p - and prior to that a 240p bid from Apollo Global Management - before Sidara returned this year with its revised bid. In the meantime, concerns have been raised over John Wood’s financial statements, culminating in the launch of a formal investigation by the UK Financial Conduct Authority in June. Its shares have been suspended from trading in London since the end of April due to its failure to publish its 2024 results. On Friday, John Wood said it continues to work with its auditor towards the publication of the 2024 audited accounts but gave indication as to when they would be released. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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