(Reuters) -Wood Group has agreed to sell its North American transmission and distribution engineering business to U.S.-based Qualus for $110 million, the British firm said on Friday. The oilfield
Wood Group Sells North American T&D Business to Qualus for $110M
(Reuters) -Wood Group has agreed to sell its North American transmission and distribution engineering business to U.S.-based Qualus for $110 million, the British firm said on Friday.
The oilfield services provider, a takeover target of Dubai-based Sidara, has been actively disposing of its non-core businesses to cut debt.
Earlier this week, Sidara lowered its bid for the company and said it will table a firm offer once the preconditions linked to Wood Group's debt are met.
The UK takeover panel extended the bid deadline to August 29 late on Thursday.
Florida-based Qualus is a pure-play power solutions firm focused on modernising and securing the electric grid.
(Reporting by Yamini Kalia in Bengaluru; Editing by Sumana Nandy and Janane Venkatraman)
