John Wood Group has completed the sale of its stake in EthosEnergy Group for $138m (£111.1m).

The sale has been made to One Equity Partners, with $42m (£33.9m) of prior planned loan notes replaced by an additional cash consideration at completion.

Wood owned 51% of the EthosEnergy joint venture with its partner, Siemens Energy AG.

The agreement was reached by both partners to sell the complete business, which employs around 3,600 people, to One Equity Partners on 28 August, with the deal completing on 31 December.

Chief executive officer at John Wood Group, Ken Gilmartin, said: "We are pleased to complete the sale of EthosEnergy to One Equity Partners. This strategic divestment is part of our strategy to be selective and focused on our core business. We will continue to align our portfolio as part of our commitment to simplify Wood."

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