Willbros Completes Sale Of Its Professional Services Segment To TRC Companies

(RTTNews) - Willbros Group, Inc. (WG) said it has closed on the sale of its Professional Services segment to TRC Companies Inc. (TRR) for $130 million in cash, subject to normal working capital and other adjustments.

Willbros received payment at closing, less a balance of $7.5 million to be paid when certain customer consents that are expected in the near term, are received. Willbros will apply the majority of the proceeds from the sale to reduce its term loan to less than $100 million.

After customary closing costs, the remaining funds from this sale and the October sale of the Bemis subsidiary for $19.2 million, of approximately $43 million, will be used for working capital and other purposes.

In a separate statement, TRC Companies said it expects the transaction to be accretive to fiscal its 2016 EBITDA before one-time transaction and integration expenses, and to Fiscal 2017 net income.

Wilbros Professional Services becomes the fourth operating segment in the TRC portfolio and will be called "Pipeline Services."