Under a scheme of arrangement, Hayward Tyler Group shareholders will be entitled to receive one new Avingtrans share for every 4.755 scheme shares they hold.
The acquisition is expected to result in scheme shareholders owning 37.6% of the enlarged Avingtrans share capital.
Ewan Lloyd-Baker, CEO of Hayward Tyler Group, said: “I am pleased that in Avingtrans we have found a company that understands the long-term nature of our business and the significant opportunities for growth within Hayward Tyler and Peter Brotherhood on the back of our record order book and the improving market fundamentals.”
Steve McQuillan, CEO of Avingtrans, said: “Hayward Tyler and Peter Brotherhood are great businesses with enviable pedigrees, which fit perfectly with our intended development of our Energy division. We believe the Enlarged Group will become a market leader in key sectors of interest – notably nuclear power and oil and gas – and the combined business has the potential to deliver a substantial increase in shareholder value over the medium term.”