India, Aug. 22 -- Morgan Advanced Materials plc (MGAM.L), a UK-based manufacturing firm, on Friday announced that it has agreed to sell its molten metal systems business unit to Vesuvius plc (VSVS.L, CKSNY) for 75.8 million pounds, in shares and cash.
The transaction is expected to be completed by early October.
The sale includes the firm's 75% shareholding in Morganite Crucible (India) Ltd. or MCIL, which will be bought by Vesuvius' Indian unit Foseco India Ltd.
The consideration includes the issuance of new Foseco India shares to Morgan, along with a cash acquisition of the remainder of the MMS business by Vesuvius.
Under the deal terms, Morgan will receive 1.2 million shares in Foseco India, which represents 15% C-type shareholding v...