Willbros closes sale of its Professional Services segment

Willbros Group Inc. (NYSE: WG) has closed on the sale of its Professional Services segment to TRC Companies in a cash deal valued at $130 million.

Willbros received payment at closing, less a balance of $7.5 million to be paid when certain customer consents, 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.

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