04182019Thu
Last updateWed, 17 Apr 2019 6pm

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Valve Manufacturing

Weir Selling Flow Control Division to First Reserve

The Weir Group PLC has entered into an agreement to sell its Flow Control division to First Reserve, a global private equity investment firm focused exclusively on energy, for an Enterprise Value of approximately $366 million, payable in cash and subject to customary working capital and debt-like adjustments at closing. The transaction remains subject to certain regulatory and other approvals, with completion expected in Q2 2019.

The plan to sell the division was first announced on April 19, 2018 alongside the acquisition of ESCO, which further strengthened Weir’s leadership position in global mining markets. Once this transaction completes, on a pro forma basis, more than 80% of Weir’s revenues will be from attractive aftermarket-intensive mining and upstream oil and gas markets. 

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