A subsidiary of John Wood Group PLC has agreed to acquire IMV Corp. (IMV) for an initial cash consideration of USD 140 million. IMV, owned by its management and employees, provides engineering, procurement and construction management services to the Canadian oil and gas exploration and production sector. The acquisition is expected to be completed by the end of November. There will be three further cash payments due in the period to 2014 based on the future performance of IMV. It is expected the acquisition will be earnings enhancing from 2008 onwards.
