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Jacobs Engineering Group To Acquire Wood's Nuclear Business For $300M

Tanzeel Akhtar

Jacobs Engineering Group Inc (NYSE: JEC) will acquire John Wood Group's Nuclear business for $300 million on a debt-free, cash-free basis.

The business has approximately $285 million of expected 2019 revenue and over 2,000 employees. Jacobs expects to close the deal by its fiscal 2020 second quarter.

"This acquisition further strengthens Jacobs' position in highly profitable and complementary sectors within nuclear and defense, enhancing our recognized program management skills with deep, technical expertise," said Jacobs CEO Steve Demetriou. "Given the compelling and synergistic fit of our two organizations, we believe this transaction will translate into significant value for Jacobs' shareholders, diverse opportunities for our employees and new, differentiated nuclear and defense solutions for our clients."

On Tuesday, Jacobs shares were trading down 0.26% at $83.82 during the time of publication. The stock has a 52-week high of $86.43 and a 52-week low of $55.17.

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