Wood Group - Disposal of Well Support Division

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Slaughter and May is advising John Wood Group PLC on the UK aspects of its conditional agreement to sell its Well Support Division to GE for cash consideration of $2.8 billion. The Board of Directors also announced that Wood Group intends to return cash of not less than $1.7 billion to shareholders following completion of the disposal.

The disposal, which is subject to the approval of Wood Group shareholders at a general meeting and relevant anti-trust clearances, was announced on 14 February 2011 and is targeted for completion by the end of the second quarter of 2011.

Slaughter and May advised Wood Group on the UK aspects of the transaction. Baker Botts LLP advised on US law.

Simon Nicholls (partner), Christian Boney (associate), Mark Nash (associate); Tax: Mike Lane (partner), Richard Jeens (associate)