
John Wood Group PLC (Wood) has finalised the sale of its stake in Ethos Energy Group Limited (EthosEnergy) to One Equity Partners for US$138 million in cash.
The transaction, which was initially announced on August 28, 2024, was completed on January 2, 2025.
The deal saw One Equity Partners acquire Wood’s 51 per cent stake in EthosEnergy, a joint venture previously co-owned with Siemens Energy AG.
The final consideration included an additional US$42 million in cash, replacing previously planned loan notes.
EthosEnergy, a global provider of rotating equipment services, employs approximately 3,600 people worldwide.
In 2023, it contributed US$34 million in adjusted EBITDA to Wood’s financial results, although no revenue was recognised in Wood’s accounts.
Ken Gilmartin, CEO of Wood, commented: “We are pleased to complete the sale of EthosEnergy to One Equity Partners.
“This strategic divestment is part of our strategy to be selective and focused on our core business. We will continue to align our portfolio as part of our commitment to simplify Wood.”
This divestment aligns with Wood’s broader strategy to streamline its operations and focus on core business areas.
The sale of EthosEnergy, which was part of Wood’s Investment Services business unit, marks a significant step in the company’s ongoing transformation and portfolio refinement.
The completion of this transaction is expected to enhance Wood’s financial flexibility, potentially allowing for reinvestment in core operations and acceleration of its growth strategy in key areas such as engineering, digital solutions, and energy transition services.