Dubai-based Sidara, one of the world’s largest privately-owned architecture, engineering and consulting groups, said it has completed the acquisition of Wood Group, the troubled Aberdeen-based engineering and consulting giant.

Last weel, the UK’s Financial Conduct Authority (FCA) said Wood had been fined £12.9 million “for publishing inaccurate information” in its financial results.

“The transaction marks a transformational milestone for Sidara and significantly advances its long-term strategic ambition to expand and elevate its energy offering to clients worldwide,” said Sidara.

“Sidara values Wood’s talented people, technical capabilities and deep client relationships. Going forward, Wood will retain its own brand and continue operating as a standalone business, while benefiting from Sidara’s global scale and long-term owner-operator mindset.

“With Wood’s complementary capabilities and technical expertise — including in digital and decarbonization technologies — Sidara is positioned at the forefront of the global energy sector.

“Together, the group will deliver the energy security solutions communities need today while accelerating the transition to clean energy and decarbonized infrastructure that will safeguard our communities and our planet for the future …

“With Wood joining the group, Sidara’s global collaborative now brings together more than 55,000 professionals. The combined group generates over $8.5bn in revenue across all geographies, with approximately 40 percent in North America and 20 percent in each of Europe, the Middle East and Africa, and Asia Pacific.”

Sidara CEO and chairman Talal Shair said: “Acquiring Wood is without a doubt the most ambitious venture in the history of Sidara, driving forward a long-term critical strategy of expanding and elevating our energy offering. Together with Wood, our people will be empowered to have far greater impact in two of the defining sectors of our time: energy and materials.

“This partnership comes at a historic moment. Accelerating the energy transition and establishing a sustainable supply of the raw materials that will shape our future has never been more critical than it is today.

“By providing a solid foundation and long-term strategic backing for Wood, Sidara will be uniquely positioned to deliver innovative, industry-leading solutions for clients in these critical sectors and beyond.”