British engineering company Weir Group PLC has agreed to divest its Flow Control unit for 275 million pounds ($359.5 million) in cash.
Weir Group will sell its division to U.S.-based private equity firm First Reserve. The Flow Control unit provides pumps and valves for power, industrial and downstream oil and gas applications.
Weir said that the divestment of Flow Control is part of its portfolio transformation which focuses the company on where it can maximize long-term value.
The acquisition value is subject to working capital and debt-like adjustments at the closing of the deal expected in the second quarter of 2019.