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John Wood Group To Acquire Production Services Network: A Move To Expand John Wood Group's Production Services Business
GlobalData, Jan 2011, Pages: 9
John Wood Group To Acquire Production Services Network: A Move To Expand John Wood Group’s Production Services Business - Deal Analysis From GlobalData
Summary
John Wood Group PLC (Wood Group), an energy service company, entered into an agreement to acquire Production Services Network Limited (PSN), an energy services company, for a purchase consideration of approximately $955m. Under the terms, Wood Group will pay $627m in a combination of cash and stock to PSN shareholders and will finance $328m of PSN’s net debt. Wood Group will issue 10.5 million new Wood Group shares at a price of £0.48 per share ($0.76 per share), valuing at $80m to the management vendors and to PSN's Employee Benefit Trust (EBT) at the time of completion of transaction.
Upon closing, PSN will merge with John Wood Group's production facilities business and will operate under the name, Wood Group PSN.
J.P. Morgan Cazenove Limited and Credit Suisse Group AG are acting as financial advisors and joint corporate brokers to Wood Group, while The Goldman Sachs Group, Inc. is acting as financial advisor to PSN for the transaction. The acquisition is subject to relevant anti-trust approvals and is expected to complete in the second quarter of 2011
Scope
- Rationale behind Wood Group acquiring PSN
- Strategic Benefits for the companies involved
- Geography covered -UK
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, And Joint Ventures taking place in European Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the UK oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
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