Sidara has completed its £240million takeover of Wood Group and outlined its ambitions for the Aberdeen-headquartered engineering and consulting firm.
The buyer confirmed the Wood brand — one of the North-east’s most globally recognised businesses — will be preserved as the company continues to operate as a standalone business within the group.
The acquisition has been described by Sidara as the "most ambitious venture" in its history as it seeks to expand its energy offering and strengthen its position in global energy and materials markets.
Wood shares have now been suspended from trading, with the listing set to be formally cancelled today, while shareholders will receive their payments in the coming weeks.
Sidara said the deal represents a “transformational milestone” for the company as it builds its presence in the global energy sector.
Wood will continue operating under its existing name but will benefit from Sidara’s international scale and long-term investment approach.
Sidara said Wood’s technical expertise — including digital and decarbonisation technologies — will strengthen its capabilities as the combined group works to deliver energy security while supporting the transition to lower-carbon infrastructure.
Together, the companies will employ more than 55,000 people globally and generate more than $8.5billion in revenue across all regions.
Sidara chairman and chief executive Talal Shair said the acquisition represents a major strategic step for the group.
He 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.”
The deal was completed through a court-sanctioned scheme of arrangement under the Companies Act.
Trading in Wood shares was suspended yesterday morning and the company’s listing on the London Stock Exchange’s main market is expected to be cancelled today.
Shareholders on the register at 6pm on March 9 will receive 30p in cash for each share held, with payments expected to be issued within 14 days of the transaction becoming effective.