Weir Group PLC (LSE:WEIR) has announced a £657 million (A$1.3 billion) deal to acquire mining software firm Micromine.
The London-listed company expects the acquisition to enhance its digital optimisation services.
The deal will be funded through existing cash resources and new debt facilities. Following completion. And, it is expected to be immediately accretive to Weir’s earnings per share (EPS).
"The acquisition of Micromine is a significant step in our strategy of investing in technology to accelerate smart, efficient and sustainable mining,” said chief executive Jon Stanton.
“The combined force of Micromine and Weir will create a sector-leading globally scaled platform to optimise performance across the mining process.
“In Micromine, we are adding an established, high-quality business and proven performer that is complementary to Weir's aftermarket-focused business model and current digital solutions.
“This acquisition provides a compelling opportunity for strong value creation in the immediate and longer term.”