John Wood Group PLC (LSE:WG.) has completed the sale of its stake in rotating equipment business Ethos Energy for a final net cash sum of $138 million (£110 million).
The final price for Wood's stake in the 51%-owned subsidiary was slightly higher than the expected $137 million, with the FTSE 250-listed company explaining that buyer One Equity Partners paid a bit more in cash rather than the planned split of cash and loan notes.
Originally a split of $95 million cash and $42 million of loan notes had been intended, which would have been repaid around five years after completion.
Chief executive Ken Gilmartin said the sale was a "strategic divestment" that is part of Wood's strategy to simplify the group and "be selective and focused on our core business".
Ethos was a joint venture with Siemens Energy that contributed $34 million of adjusted EBITDA to Wood's results in 2023, with both parties agreeing to sell back in August.