Shaw Will Sell Energy & Chemicals Group to Technip for $300M

The Shaw Group Inc.

today announced it has entered into a definitive agreement to sell substantially all of its Energy & Chemicals business to Technip. Under the terms of the agreement, Technip will acquire substantially all of the business of the Energy & Chemicals Group for approximately $300 million in cash consideration, subject to adjustment based on the Energy & Chemicals Group's debt and working capital levels at closing.