News: WOR UPDATE 1-Jacobs to sell energy, chemicals business to WorleyParsons

(Updates with company statement)

NEW YORK, Oct 21 (Reuters) - Jacobs Engineering Group Inc JEC.N has agreed to sell its energy, chemicals and resources business to WorleyParsons (WOR) for $3.3 billion, the Dallas-based company said in a statement on Sunday.

Jacobs said it expects to receive $2.6 billion in net proceeds from the transaction, which has been approved by both boards and is expected to close in the first half of 2019.

Jacobs said it will focus on higher growth, higher margin lines of business including aerospace, technology, environment and nuclear projects and buildings, infrastructure and advanced facilities.

"For Jacobs, this transaction marks an inflection point in our portfolio transformation focused on more consistent, higher-margin growth as a leader solving the world's critical challenges," Jacobs Chairman and Chief Executive Steve Demetriou said in the statement.

WorleyParsons said the deal would be funded via a A$2.9 billion ($2.06 billion) entitlement offer and a A$985 million ($700 million) stock issuance to Jacobs and new debt. WorleyParsons said it will issue stock to Jacobs at A$16.92 ($12.03) a share.

Perella Weinberg Partners LP is serving as financial advisor to Jacobs, and Fried, Frank, Harris, Shriver & Jacobson LLP is serving as legal counsel. Wachtell, Lipton, Rosen & Katz also served as legal advisor to Jacobs. Centerview Partners provided financial advice to the company.