Shareholders of John Wood Group, the troubled Aberdeen-based engineering and consulting giant, have finally approved a cut-price takeover by Dubai-based Sidara.

The Aberdeen firm said 89% of votes were cast in favour of Sidara’s 30p-a-share in cash offer, which values the Aberdeen company at roughly £207 million.

Wood Group was valued at around £5.3 billion in 2018, before the group became engulfed in protracted problems.

Last year, Wood had rejected a cash takeover proposal from Sidara worth about £1.4 billion or £2.05 per share.

The Aberdeen company said it was pleased with the result of the vote to approve the deal — which is still conditional upon some “outstanding exceptional conditions.”

Wood Group, one of Scotland’s biggest companies, employs more than 35,000 people in 60 countries.

Sidara is one of the world’s largest privately-owned architecture, engineering and consulting groups.

“Completion of the Acquisition remains subject to the satisfaction (or, where applicable, waiver) of the outstanding Conditions set out in Part III (Conditions to the Implementation of the Scheme and to the Acquisition) of the Scheme Document, including, among other things, the receipt of certain antitrust and other regulatory approvals and the sanction of the Scheme by the Court at the Sanction Hearing,” said Wood.

“Wood and Sidara have made significant progress towards satisfaction of the Antitrust Conditions and Regulatory Conditions, as set out in sections 7 and 8, respectively, of Part A of Part III (Conditions to the Implementation of the Scheme and to the Acquisition) of the Scheme Document.

“The parties are continuing to work towards satisfaction of the outstanding Conditions and, subject to satisfaction (or, where applicable, waiver) of such Conditions and the sanction of the Scheme by the Court, completion of the Acquisition is expected to occur in the first half of 2026 …

“All outstanding conditions precedent under the A&E Implementation Deed, the Sidara Interim Funding Agreement and the Escrow Agreement are customary documentary conditions precedent within Wood’s control and Wood expects to satisfy them in the next few days.

“Wood will receive the $250 million Sidara Interim Funding and will have access to the $200 million New Money Facility shortly thereafter.”