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Weir Group Plc has agreed to sell its oil and gas business to U.S. heavy equipment maker Caterpillar Inc for $405 million in cash, as the engineering company focuses on its mining business. Shares of Weir surged 22.5% to 1,568p, on track for their best day in more than 20 years.
In a separate statement, Caterpillar said the deal covered more than 40 Weir Oil & Gas manufacturing and services locations and about 2,000 employees. The transaction includes Weir's North American and international oil and gas operations, comprising its Pressure Pumping and Pressure Control business units, and associated after-market spares, among other things.
The deal is expected to close by the end of the year. Weir said its oil and gas business had gross assets of $966.61 million at June 30, and the deal would help strengthen its balance sheet for future investments.