Fermanagh-based brothers Ernie and Ivan Fisher are set to share a windfall of about £60 million (€88.3 million) from the sale of their family-controlled steel fabrication business, Fisher Engineering, to a British competitor, writes Ciarán Hancock, Business Affairs Correspondent

The Northern businessmen have agreed to the acquisition of the company by Severfield-Rowen, a publicly quoted company in north Yorkshire, for £90 million in cash and shares.

The Fisher brothers own 66 per cent of the business between them and will be the biggest beneficiaries of the transaction. Under the terms of the deal, £53.4 million of the consideration will be paid in cash with the balance satisfied by the issue of 1.75 million shares in Severfield-Rowen, valued at £20.89 each. The Fishers are set to receive £35.24 million in cash and 1.2 million shares valued at £24.13 million.

Fisher's project director Ian Cochrane and finance chief Wesley Knox are also shareholders.

The brothers will remain with the business. Ernie (55) is Fisher's managing director, a post he will now share with Mr Cochrane. Ivan will retain his position as works director. Fisher Engineering grew out of an agricultural business established by their father Tommy in 1950. It was previously headed by Bertie Fisher, a former leading rally driver and a brother of Ernie and Ivan, who died in a helicopter crash in 2001.

Based in Ballinamallard near Enniskillen, Fisher Engineering has 240 staff and produces about 25,000 tonnes of steel a year.

The company earned pre-tax profits of £10.3 million on turnover of £35.4 million in 2006. This was down on its performance in 2005 when pre-tax profits were £14.2 million on turnover of £43.8 million. Accounts show that it paid dividends to its shareholders of £10 million in 2004 and £7 million in 2005. Its projects have included the Wyeth and Intel plants in the republic, the Dundrum Town Centre, the Waterfront Hall in Belfast and cement and glass factories for the Quinn group. Current projects include the National Conference Centre in Dublin, the Point District Centre which is being developed by Harry Crosbie and Victoria Square in Belfast.

Upon completion, Fisher will remain as a separate entity and retain its brand. The deal is subject to the approval of Severfield-Rowen shareholders.

Severfield is listed on the London Stock Exchange and has a market value of £462 million.

Tom Haughey, joint managing director of Severfield-Rowen, said the move would boost the company's position in the Irish market, where it has only a "small presence", completing about one project a year.

"We think there's scope in all of Ireland in terms of further infrastructure developments and investment activity," Mr Haughey said. "We think it's a good time to get into this market."