Technip formally acquires Shaw energy, chemicals

The Shaw Group on Friday completed the previously-announced sale of its energy and chemicals business to France-based engineering major Technip, effective August 31.

Proceeds from the sale were approximately $290 million in cash, according to US-based Shaw.

The completion of this transaction also satisfies one of the conditions of the recently-announced agreement for CB&I to acquire Shaw, the company noted.

The Technip-Shaw deal was first announced on May 22.

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