CORRECT: Sidara takeover of John Wood slated to take effect next week
(Correcting departure date of Ken Gilmartin, who stepped down in November)
John Wood Group PLC on Tuesday said it expects its takeover by Sidara to complete on March 10, with antitrust and regulatory conditions satisfied, and a court sanction hearing scheduled on Friday.
The Aberdeen, Scotland-based energy consultancy firm expects its shares to be suspended from trading the same day, and its listing later cancelled.
John Wood shareholders late last year agreed to the offer from Sidara, an entity controlled by Dar-Al Handasah Consultants Shair & Partners Holdings Ltd, which valued the firm at 30 pence per share, or about £210 million.
Last November, Chief Executive Officer Ken Gilmartin stepped down and was replaced by Interim Chief Financial Officer Iain Torrens.
John Wood reported its delayed 2024 results in October, posting lower revenue and a wider pretax loss.
It had announced the sale of its North American subsidiary to Qualus LLC in August, and the sale of its UK transmission and distribution arm in December. It sold its 50% stake in RWG Repair & Overhauls Ltd to joint venture partner Siemens Energy AG in January.
John Wood shares were up 11% to 28.66 pence each on Tuesday at midday in London.
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