CANBERA (dpa-AFX) - Scottish mining technology company Weir Group Plc (WEIR.L) announced on Friday that it had entered into a binding agreement to acquire Mining Software Holdings Pty Ltd or Micromine for a sterling equivalent enterprise value of 657 million pounds or A$1.31 billion.
Micromine is a Perth, Australia based software provider for the mining industry. The deal is expected to be completed in the second quarter of 2025, after securing clearance from the Foreign Investment Review Board of Australia or FIRB.
Weir Group expects to fund the transaction with a combination of available cash and new debt facilities.
Once the deal is complete, Weir plans to initially operate Micromine as an independent entity, while reporting externally under the ESCO Division. In due course of time, the business will be integrated into Weir's Motion Metrics and Next intelligent solutions, to create a joint digital optimisation platform.
The deal is expected to add to Weir Group's earnings in the first full year of ownership. It is also expected to be accretive to Weir Group's revenue growth and operating margin.
The new business will be headed by Kristen Walsh, currently Managing Director of Minerals Division APAC region, who will join the Weir Group Executive. Andrew Birch, the current CEO of Micromine, will remain with Weir for up to 12 months, as an advisor.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
