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Evening Standard

Business

Henry Saker-Clark

Wood Group to sell North American division for £81.5m

Wood Wood Group Dubai Sidara

Oil and gas engineering firm John Wood Group has seen its shares jump higher after revealing it has decided to “engage” with its US private equity suitor to firm up an offer after a £1.7 billion takeover approach. (Alamy/PA) -

Troubled Wood Group is to sell off its North American transmission and distribution business in a 110 million US dollars (£81.5 million) deal.

The proposed sale of the division comes days after Wood revealed a Dubai-based suitor for the group had reduced its takeover offer.

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