Wood Group Accepts £207M Sidara Takeover With $450M Cash Injection

Dubai-based engineering consultancy Sidara has agreed to acquire the British oil services company John Wood Group for approximately £216 million ($292 million) in a deal that includes a $450 million capital injection and Sidara assuming $1.6 billion of Wood’s debt. The offer, set at 30 pence per share, is contingent upon Wood publishing its delayed audited results by October 31, 2025, and maintaining certain debt facilities. Wood Group, which has struggled with liquidity issues and has not generated sustainable free cash flow since 2017, plans to pursue further cost-cutting measures, including selling its North American transmission and distribution engineering business for $110 million. The takeover comes amid an investigation by the UK Financial Conduct Authority into Wood’s operations, which led to a reduction in Sidara’s bid and a suspension of Wood’s shares. Sidara aims to stabilize Wood’s financial position, retain its brand and talent, and leverage its technical capabilities and global client base to drive future growth. Wood’s board unanimously supports the deal, viewing it as the best option for all stakeholders given the company’s unsustainable capital structure.