Wood Group is buying Amec Foster Wheeler, an international company with numerous locations throughout the US, in an all-share takeover deal worth about USD $2.7 billion.
Wood Group wanted to broaden its source of service contracts before the 2014 oil market crash but the two-year rout has deepened its interest in expanding to new markets. The combined company would have revenues of more than USD $12.3 billion.
Ian Marchant, Wood Group’s Chairman, said the takeover represented “a transformational transaction” for the group, as it extends the scale and scope of the firm’s services by diversifying its activities across the oil and gas, chemicals, renewables, environment and infrastructure, and mining segments.