Apollo Global Management has walked away from a possible $1.85 billion takeover of Scottish engineering firm John Woods Group.
The decision to not pursue a deal follows after Apollo was granted access to due diligence materials. The firm is known for its reluctance to overpay for assets. John Woods is a provider of services including engineering support, consultation and management of assets for energy firms.
“It is no surprise Apollo has walked away,” said Graham Simpson, head of Canaccord Genuity’s Quest Research. “Apollo has shown it is not afraid to enforce capital discipline, preferring to walk away rather than pay more than it wants, thereby diluting the return on investment.”