Wood Group agrees to buy Infinity Group for $150m

Aberdeen-based oil services giant Wood Group has agreed to buy American company Infinity Group for $150m (£100m).

Infinity is a family-owned Texas-based industrial construction and maintenance contractor serving the petrochemical, refining and gas processing sectors.

Wood Group said the acquisition would provide an "excellent platform" for growth.

The deal is still subject to a number of conditions.

Infinity was established in 1952 and is headquartered in Clute.

The existing management team will continue to lead the business, which has about 2,500 personnel.

Wood Group chief executive officer Dave Stewart said: "Their 60-year history is a testament to the relationships they have built that we look forward to continuing and growing."