Worley Ltd (ASX: WOR) shares will be on watch this morning following the disinvestment of the company's public infrastructure advisory business. The Worley share price last traded at $10.54 at Friday's market close.
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Quick take on Worley
A leading global engineering company, Worley provides design and project delivery services, including maintenance, reliability support services and advisory services. The business operates in the energy, chemical and resources sectors.
What did Worley announce?
The Worley share price could be on the move today as investors digest the company's latest update.
According to its release, Worley has sold off its Capital Projects Advisory (CPA) business to TSA Management (TSA).
Established in 2001, TSA is a consulting firm that specialises in program and project management. The company services private and public clients in the infrastructure and property sectors across Australia and New Zealand.
The deal will see Worley receive a cash consideration of approximately $48 million from TSA.
CPA is considered as a small part of the larger overreaching Advisian consulting business. The division specialises in capital project delivery within the public infrastructure sector, housing about 110 staff throughout the ANZ region.
Worley noted that the sale of CPA is in line with its strategy on producing sustainable energy, chemicals and resources.
Worley CEO Chris Ashton touched on the disinvestment, saying:
The sale supports Worley's continued investment in our strategic growth areas to accelerate our role in supporting customers on their energy transition, sustainability and digitalization journey.
About the Worley share price
In the last 12 months, the Worley share price has accelerated with gains of more than 75%. Year to date, however, the company's shares have faltered and are down by around 9%. The engineering company's shares last reached a 52-week high of $14.01 in late November of last year.
Based on the current valuation, Worley presides a market capitalisation of roughly $5.5 billion, with around 522 million shares outstanding.
