Weir Group PLC has agreed to acquire Seaboard Holdings Inc, an independent wellhead solutions provider focused on the growing North American unconventional oil and gas drilling and production markets for US$675m (£431m).
The consideration will be payable in cash on completion and funded from new and existing bank facilities. In line with Weir's acquisition criteria, the acquisition is expected to be immediately earnings accretive and post tax returns are expected to exceed Weir's cost of capital by 2014.
