Jacobs Engineering Group Inc. (NYSE:JEC) entered into an agreement to acquire Nuclear business from John Wood Group PLC (LSE:WG.) for an enterprise value of approximately $300 million on August 19, 2019. The enterprise value is on a debt-free, cash-free basis. Jacobs Engineering Group Inc. expects to finance the transaction through cash on hand and existing credit facilities. The transaction represents an enterprise value-to-expected pro forma calendar year (CY) 2019 adjusted EBITDA multiple of 7.9x, assuming 12 million of full run-rate cost synergies from the combined organizations. The employees of John Wood Group's Nuclear business will become part of the Jacobs Engineering Group Inc. team. The transaction is subject to the satisfaction of customary closing conditions, including regulatory approvals. The agreement has been approved by each company's Board of Directors unanimously. On March 4, 2020, the transaction is approved by Competition and Markets Authority. The transaction, is expected to close by Jacobs Engineering Group Inc.'s fiscal 2020 second quarter. As of March 4, 2020, the transaction is expected to close by the end of March 2020. Jacobs Engineering Group Inc. expects adjusted EPS accretion in the range of $0.10 to $0.12 from the acquisition of Wood Nuclear in the first year of ownership. Beyond year one, accretion will build as the full run-rate of synergies of approximately $12 million are realized and organic growth occurs. The sale proceeds will be used to cut debt.

Rothschild & Co is serving as sole financial advisor to Jacobs, and Roger Barron and Sam Waite of Paul Hastings LLP is serving as legal counsel to Jacobs. Price Waterhouse Coopers is serving as financial advisor to John Wood Group, and Tony Dinozzi, Iain Jon, Gavin Thomson, Simon Nicholls, Filippo de Falco, David McKendrick-Ness, Charlotte Eynon, James Gallagher, Lisa Wright, Bertrand Louveaux, Aurora Luoma, Sophia Clark Padraig Cronin, Daniel Schaffer, Jessica Tinsley, Gareth Miles, Charles Osborne, Rose Swaffield, Emma Haywood, Rebecca Cousin, Lucia Bird, and Lucie van Gils of Slaughter and May acted as legal counsel to John Wood Group.

Jacobs Engineering Group Inc. (NYSE:JEC) completed the acquisition of Nuclear business from John Wood Group PLC (LSE:WG.) on March 3, 2020. The Nuclear business from John Wood Group PLC was acquired for an enterprise value of $310.9 million, less cash acquired of $24.3 million, subject to additional working capital adjustments. Moving forward, Clive White of Wood Nuclear will lead the new combined business as Senior Vice President Critical Mission Solutions – International (CMS-I), reporting to Dawne Hickton Executive Vice President and COO of Critical Mission Solutions.