UK-based Amec Foster Wheeler, which is about to be acquired by rival John Wood Group, has decided to not to sell its European nuclear business but will go ahead with the sale of its North American nuclear business. The company in March had launched a bidding process to sell all of its nuclear business, which it said had “yielded a number of attractive bids”. The sale was designed to raise £500m ($648m) to help to manage the Amec’s £1bn debt.
Amec said it had decided to keep the European business in consultation with the Wood Group, whose £2.2m takeover bid was recently endorsed by Amec’s shareholders. The deal will still need to pass a review by the UK’s Competition and Markets Authority (CMA) before it is final. Amec’s North American nuclear operations brought in GBP83m in revenue in 2016. Their sale is expected to be completed later this year, provided it receives clearance from the CMA. The combined entity will be owned 56% by Wood Group shareholders and 44% by Amec shareholders.
