Jacobs Engineering Group Inc. announced it entered a definitive agreement to sell its Energy, Chemicals and Resources (ECR) segment to WorleyParsons Ltd. for $3.3 billion, consisting of $2.6 billion in cash and $700 million in WorleyParsons ordinary shares. Upon closing, Jacobs expects to receive approximately $2.6 billion in net proceeds from the transaction, which initially will be used to pay down floating-rate debt. Following completion of the sale, Jacobs will focus solely on its two higher growth, higher margin lines of business, the company reported.
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