LONDON: Hunting PLC (LSE: HTG), the precision engineering group, today announced the completion of the sale of its 23% equity investment in Rival Downhole Tools L.C., an associate company, to a third party, for a consideration of $13.1 million.
Following adjustments for working capital, Hunting will receive $12.0 million in cash. It has been agreed with the purchaser that an escrow account of $1.1 million will be established, which will remain in place until any outstanding matters are resolved, which is expected to be within 12 months.
Commenting on the sale, Jim Johnson, Chief Executive of Hunting, said: “In line with the Hunting 2030 Strategy, we are committed to focusing on and strengthening our core businesses. With the proceeds from the sale of Rival, Hunting has additional funds to pursue strategic acquisitions, with management continuing to review accretive opportunities.”