The UK technology group and US conglomerate agreed to extend the long stop date of the transaction from 21 February to 21 July 2026, with an option to extend it further to 21 August 2026.

The delay is related to outstanding antitrust approval. JM did not indicate any specific regulatory concerns.

However, as part of the revised terms, JM has agreed to reduce the sale price of the Catalyst Technologies business to £1.325bn ($1.785bn) on a cash and debt-free basis, down from the original value of £1.8bn ($2.4bn) announced in May 2025.

The reduced price reflected the division’s performance during 2025/2026, with several licensing projects deferred and reduced profitability due to a “challenging market environment.”

The business includes JM’s blue hydrogen, carbon capture and storage, ammonia, and e-fuel synthesis technologies. The near-£500m ($674m) price cut underscores how licensing-heavy hydrogen and CCUS portfolios are struggling to convert pipeline into near-term earnings.

The sale came after JM faced growing investor pressure to boost shareholder returns. The company was facing calls from its largest backer to de-risk or sell its hydrogen technologies business, which has since been folded into a broader portfolio.

Despite the cheaper sale, JM still expects to return around £1bn ($1.35bn) to shareholders, made up of £800m ($1.1bn) in special dividends with share consolidation and £200m ($269.6m) through an on-market share buyback.