- Aberdeen-based Wood Group receives £242m acquisition proposal from UAE’s Sidara.
- Wood’s board signals readiness to recommend the offer to shareholders.
- Follows last year’s failed bid; Wood’s value has since declined.
Wood Group, one of Scotland’s largest engineering firms, has been approached with a fresh £242 million takeover proposal by Dubai-based consultancy and engineering company Sidara.
This bid revives a previously failed acquisition attempt in 2023. Wood’s declining share value in the interim may have made the company a more attractive target. Talks resumed in February, and by March, discussions had been extended.
Wood Group Faces New Ownership Era as Sidara Revives Acquisition Bid
Sidara’s renewed interest in Wood Group signals strategic ambition from the UAE-based firm to expand its global engineering presence. This potential acquisition would give Sidara access to Wood’s global contracts and legacy expertise. It would also provide deep-rooted ties to energy infrastructure in the UK and beyond.
For Wood, the offer arrives at a time when market confidence has dipped, especially following the previous year’s failed talks. With a lower valuation, Sidara’s offer may now be viewed as a timely lifeline. Stakeholders aiming for long-term security and global backing may find it appealing.
The Aberdeen-based company has played a critical role in Scotland’s oil and gas sector for decades. Its expansion into broader engineering services made it a global player. However, recent years have brought industry shifts, prompting a potential change in direction through acquisition.
Should the deal proceed, questions will arise about local job security and leadership changes. Additionally, there will be concerns about whether Sidara will maintain a significant presence in Scotland or centralize operations elsewhere. However, the board’s initial support suggests a willingness to embrace change.
The proposed acquisition could mark a pivotal turning point for Wood Group. It would blend its Scottish legacy with Sidara’s international ambitions for a stronger global footprint.
“I will miss Wood Group, but will have the satisfaction of knowing it’s in really good hands.” – Sir Ian Wood, former chairman
