India, July 25 -- John Wood Group PLC (WDGJF), a provider of project, engineering, and technical services, on Friday announced that its subsidiary, JWG Investments Ltd., has agreed to sell its 50% stake in RWG (Repair & Overhauls) Ltd. to joint venture partner Siemens Energy Global GmbH & Co. KG (ENR.DE) for $135 million in cash.
The deal is expected to close in late 2025 or early 2026 with a long stop date of January 25, 2027.
The company plans to use the net proceeds to reduce debt and will retain for general corporate purposes.
The acquisition is aimed at supporting its non-core asset disposal program and contributing to the $150 to $ 200 million in proceeds targeted for 2025.
John Wood identified RWG as non-core during its portfolio...