LONDON: John Wood Group PLC (Wood) said on Friday it has agreed to sell its North American Transmission & Distribution (T&D) engineering business to Qualus LLC and 2737813 Alberta Ltd for $110 million in cash, as part of its ongoing disposal programme targeting non-core assets.
The transaction, expected to close in the third or fourth quarter of 2025, follows a competitive auction process that valued the unit at 14.9 times adjusted EBITDA. Proceeds will be used to reduce net debt and support general corporate purposes, the company said.
North America T&D, which generated $37.3 million in revenue and $5 million in adjusted EBITDA in 2023, provides engineering services for substations, transmission, distribution and renewable generation across Canada and the United States. It employs around 250 people.
The sale brings Wood’s total agreed disposal proceeds in 2025 to approximately $275 million, surpassing its previously announced target range of $150 million to $200 million.
“We are now on track to exceed our disposal target as we continue to simplify our portfolio,” CEO Ken Gilmartin said in a statement.
Qualus, a U.S.-based power solutions firm with over 1,600 professionals, said the acquisition strengthens its capabilities in grid modernization, resiliency and sustainability.
Wood said further financial impact details will be disclosed following the completion of its 2024 audit.