Wood Group satisfies conditions of Mitchell acquisition
Wood Group, the international energy services company, has confirmed that is has received anti-trust approval from the US Federal Trade Commission for its proposed acquisition of Mitchell's Oil Field Services.
Wood Group, the international energy services company, has confirmed that is has received anti-trust approval from the US Federal Trade Commission for its proposed acquisition of Mitchell's Oil Field Services.
The conditions of the acquisition have now been satisfied, and the transaction is now expected to be completed by October 22nd.
As previously announced, the $135m acquisition significantly increases the company's presence in the US Bakken shale region and is expected to be earnings-enhancing from completion.
Further earn out payments are due in the period to 2015, depending on the future performance of Mitchell.
The share price rose 0.12% to 834.50p.
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