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Allen & Overy Reps GE In $2.8B Buy Of Wood Group Unit

Law360 (February 14, 2011, 1:25 PM EST) -- General Electric Co. has agreed to pay approximately $2.8 billion for John Wood Group PLC's well support business, a move the corporate giant says will expand its footprint in the fast-growing market for unconventional oil and gas production services.

The proposed transaction will position Houston-based GE as a key player in enhanced oil recovery by adding electrical submersible pumps to the company's portfolio of drilling and production solutions, GE said in a statement Sunday.

Wood Group's board of directors intends to unanimously recommend the proposal to...
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