Amec, the UK engineering group, will slash its debt burden after booking a £295m (€432m) net gain from last month's €1bn ($1.3bn) sale of its French business, Spie, to Paris-based private equity firm PAI Partners.

Amec said today it will make a £295m exceptional gain after tax, which will be used to wipe out its debt and leave the company in a net cash position when the deal is completed.