John Wood Group, the troubled Aberdeen-based engineering and consulting giant, confirmed it has reached an agreement to sell its United Kingdom Transmission & Distribution engineering business (UK T&D) to UI Telecoms & Power Holdco Limited (United Infrastructure) for £57.5 million in cash ($76.5 million).
On November 17, Wood shareholders finally approved a cut-price takeover of Wood by Dubai-based Sidara, one of the world’s largest privately-owned architecture, engineering and consulting groups.
Wood Group, one of Scotland’s biggest companies, employs more than 35,000 people in 60 countries.
“UK T&D is a provider of engineering, procurement, construction and installation services in respect of overhead line and under ground cable projects within the UK,” said Wood.
“United Infrastructure delivers critical infrastructure in the UK, operating across the water, energy, power, telecommunications and social infrastructure sectors.”
Wood said the sale of UK T&D is consistent with Wood’s previously announced disposal programme of non-core businesses and it contributes to a total of $345 million of total expected disposal proceeds agreed so far in 2025, ahead of the previously announced $150 million to $200 million targeted for this year.
Proceeds will be used by Wood to reduce net debt and retained for general corporate purposes.