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Willbros to Sell Professional Services Segment for USD 130m.


8 October 2015 - US-based energy infrastructure contractor Willbros Group, Inc. (NYSE: WG) has executed a purchase agreement for the sale of its professional services segment to TRC Companies, Inc. (NYSE: TRR) for USD 130m cash, the company said.

The agreement is binding and the transaction is subject to normal closing conditions including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

Willbros said the sale is expected to close before the end of November. Under the terms of its amended credit facilities, Willbros will retain USD 43m of the net proceeds to maintain its current liquidity and working capital.

The balance of the proceeds, net of closing and transaction expenses, will be applied to reduction of the company's term loan debt.

Willbros is a specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries.

Its offerings include engineering, procurement and construction (either individually or as an integrated EPC service offering), maintenance, facilities development and operations services.

Greenhill and Co., LLC acted as financial advisor to Willbros and Conner and Winters, LLP acted as legal advisor.

Country: USA

Sector: Petroleum/Natural Gas/Coal

Target: Willbros/professional services segment

Buyer: TRC Companies, Inc

Vendor: Willbros Group, Inc

Deal size in USD: 130m

Type: Divestment

Financing: Cash

Status: Agreed

Buyer advisor: , ,


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Publication:M & A Navigator
Date:Oct 8, 2015
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