Wood Group poised to complete £2.2 billion takeover of Amec Foster Wheeler next month
WOOD Group’s £2.2 billion takeover of oil services rival Amec Foster Wheeler is set to be completed next month after it avoided an in-depth competition probe.
The Competition and Markets Authority said competition concerns would be “fully addressed” by the companies’ offer to sell nearly all Amec’s North Sea offshore oil and gas exploration services business in the UK.
The two businesses have a combined workforce of about 64,000.
Wood Group chief executive Robin Watson said: "Since we announced the deal in March, both parties have maintained a relentless focus on keeping on schedule.
“Today's earlier than anticipated decision from the CMA allows us to move forward with pace and we are very confident of completing the acquisition of Amec Foster Wheeler in October."
Amec's chief executive officer Jon Lewis said: "We have made significant progress marketing Amec Foster Wheeler's UK upstream oil and gas business to a range of high quality bidders, which has helped to ensure that we will close the transaction in October, bringing the many benefits of the combined company to our clients, colleagues and shareholders."