Eversheds advises Siemens UK on rotating equipment joint venture with John Wood

Eversheds has advised Siemens on UK aspects of its joint venture with John Wood Group to create a global integrated rotating equipment service provider.

The joint venture consists of the maintenance and power solutions business of Wood Group GTS (excluding its Rolls Wood Group, TransCanada Turbines and Sulzer Wood joint ventures) and Siemens’ TurboCare business unit, which provides aftermarket gas turbine, steam turbine and generator design, repair and manufacturing services.

The joint venture will be a differentiated, integrated rotating equipment service provider to the power generation, oil and gas and industrial sectors, with combined assets of approximately $1bn (£620,000) and will employ approximately 4,500 people globally.

The Eversheds team was led by partner Richard Moulton, assisted by principal associate Ben Jones and senior associate Richard Kyle.