ABERDEEN, Scotland — John Wood Group plc has closed the sale of its nuclear business to Jacobs for a cash consideration of £250 million (around $325 million). The deal represents a multiple of approximately 12.4 based on 2018 EBITDA of £20.2 million ($26.3 million). Agreement on the deal was reached in August 2019, with closing conditional upon merger clearance from the competition and markets authority.

The cash proceeds from the nuclear divestment and the recent sale of Wood’s industrial services business generated a total of $429 million. These moves form part of Wood’s ongoing portfolio optimization focus and will also enable the company to reduce debt and accelerate progress toward its target leverage policy.

For more information, visit www.woodplc.com or call +44 1224 851000.