The sale, for an enterprise value of $405m, subject to customary working capital and debt-like adjustments, was first announced on 5 October 2020 and approved by Weir Shareholders on 23 November 2020.

Since then, the Group’s joint venture partner in Saudi Arabia-based Arabian Metals Company (AMCO) has exercised its pre-emption right, as set out in the Class 1 circular published on 3 November 2020, to purchase Weir’s 49% stake in AMCO. Therefore, the cash proceeds from the sale of the division, subject to customary working capital and debt-like adjustments, will be split between $375m received from Caterpillar Inc. and $30m to be received on completion of the sale of AMCO, which is expected to occur in the first half of this year.

Weir Oil & Gas has been reported under discontinued operations since the sale agreement was announced. The Weir Group will announce its 2020 full year results on 2 March 2021.