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The Gap Partnership

An agreement has been reached between Weir and Seaboard Holdings for the former to take over the latter.

24 November 2011

The Weir Group is to acquire oil and gas group Seaboard Holdings for $675 million (£431 million) after business negotiations were completed.

New and existing banking facilities will be used to finance the all-cash offer and the agreement is expected to be concluded immediately.

Keith Cochrane, chief executive of Weir - which employs over 13,000 people globally - stated his firm will be taking over a "well managed business" and it is in a sector it has a good understanding of.

"It broadens our product offering and fits into our business model of growing the installed base of original equipment from which we drive aftermarket opportunities," Mr Cochrane observed.

He continued by saying the arrangement represents a great opportunity to strengthen market share, while retaining flexibility when it comes to finances.

Seaboard's president Kelly Joy remarked the firm had been looking for a partner for a while to help drive the organisation forward.

Posted by Ron Maverick

Source: Weir Group press release, November 23rd

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