The Shaw Group announced today it has completed the sale of its energy and chemicals business to French oilfield services group Technip for approximately $290 million. The deal was initially announced in May. The Baton Rouge-based technology and engineering firm says the completion of the transaction satisfies one of the conditions of its recent agreement to be acquired by Chicago Bridge & Iron Co. for about $3.04 billion in cash and stock. CB&I has said the buyout will create one of the world’s most complete engineering and construction companies focused on the energy industry. Shaw shares were flat at $42.10 in afternoon trading. CB&I shares were up 22 cents to $36.83.
Shaw Group completes sale of energy and chemicals business to French firm
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