WorleyParsons
(ASX:WOR) has inked a deal to buy 100 per cent of AFW’s UK oil and gas business for an enterprise value of $303 million.
The purchase is tipped to earnings accretive, reduce its net debt and bolster its EBITDA.
The deal will be funded by a $322 million entitlement offer.
The company says AFW UK has a strong management team with a history of global expansion and the acquisition will give it a robust push into the UK North Sea market, as a profitable leader.
Shares in WorleyParsons
(ASX:WOR) last traded at $14.24.
