Wood Group completes sale of TNT business in $38m deal

Wood Group confirmed on Friday that it has completed the sale of its conveyor systems business Terra Nova Technologies (TNT).

The FTSE 250 company had announced the disposal on 25 March.

It explained that, following a strategic review of its portfolio, it had identified potential asset disposals which were expected to generate proceeds of between $200m and $300m.

The transaction mad a “good contribution” to the asset disposal programme, Wood’s board said.

“The TNT business was sold to Cementation Americas, a firm owned by Murray & Roberts Holdings, for $38m, representing a multiple of 5.2x 2018 EBITA of $7.3m.”