Global engineering and construction company McDermott has sold its CB&I business, which specialises in the design and manufacturing of storage facilities, tanks, and terminals and energy and industrial markets, to a consortium of financial investors.
Mason Capital Management led the group of investors that purchased the Texas-based business. IES Holdings, Nut Tree Capital Management, 683 Capital Management, First Pacific Advisors, and other investors were also involved in the transaction.
The transaction positions CB&I as an independent company with no funded debt.
Mark Butts, CEO of CB&I, welcomed the news, describing it as an exciting new chapter.
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