US-based Jacobs Engineering has sold its stake in Australian offshore engineering company Worley in a block trade via investment bank Citigroup for a reported $505m.
The deal included all of Jacobs’ shares, representing around 9.85% of its holdings in Worley.
Jacobs became a Worley shareholder in October 2018 following Worley’s acquisition of the Jacobs energy, resources and chemicals business that included a share issue to Jacobs to partly fund the acquisition. Jacobs was released from the lock up of Worley shares in December 2019.
Citi offered $9.82 a share, or a narrow 2% discount to the previous trade. Worley closed at $9.79 on Thursday, down close to 4.6% in five days. The company secured a contract from Chevron in support of the Jansz-Io compression (J-IC) project offshore Western Australia.