Wood Group has completed its "transformational" US$2.7 billion acquisition of Amec Foster Wheeler.
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Image from Wood Group. |
Meanwhile, WorleyParsons has entered into a binding agreement to acquire Amec Foster Wheeler’s UK North Sea business.
The business represents the majority of Amec FosterWheeler’s former UK upstream Oil and Gas operations, to be divested as a remedy to competition concerns raised in relation to Wood Group's acquisition of Amec FosterWheeler.
Robin Watson, chief executive of Wood Group said: “This transformational acquisition creates a global leader in the delivery of project, engineering and technical services to energy and industrial markets.
"We expect to deliver significant cost synergies and incremental revenue synergies in a less cyclical business which retains a predominantly reimbursable, asset light model with a balanced risk appetite.
"Our integration planning is well progressed and we have ensured that appropriate risk management and control processes are in place from day 1. We have a clear organizational structure, my Executive Leadership team and their direct reports have been announced and we are now focussing on implementing a best of both approach for the wider organization."
The combined company will be led by Watson as chief executive and David Kemp as chief financial officer. Ian Marchant will continue as chair. On completion, certain members of the Amec Foster Wheeler Board will join the board of the combined group: Roy Franklin will join as deputy chair and senior independent director, and Ian McHoul and Linda Adamany will be appointed as non-executive directors.
Wood Group made its move to takeover Amec Foster Wheeler in March, just three years following Amec’s $3.2 billion takeover of Foster Wheeler in 2014.
The deal received approval from the Mexican antitrust commission, and the acceptance from the Competition and Markets Authority last month.
Read more:
Mexico approves Wood Group, Amec merger
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