Shaw cleared to sell energy and chemicals business to Technip
The US Federal Trade Commission (FTC) has issued an early termination of the waiting period, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, to the Shaw Group regarding the process of Shaw's energy and chemicals business sale to Technip.
The termination will allow Shaw to complete its sale deal with Technip, which was announced on 21 May 2012.
According to Shaw, the companies are expecting to close the deal by the end of August.
Shaw also anticipates that the sale will bring in sale proceeds of nearly $300m, which is subject to working capital adjustments.
Shaw, with the sale of its energy and chemicals business to Technip, is expecting an adjusted cash balance of nearly $1.3bn as of 31 Aug 2012.
The Shaw Group provides engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries.