After a lengthy process, Sims (ASX:SGM) has finally found a buyer for its UK scrap metal businesses and also finished the sale of the last interest in a US operation.

The two sales will net the company well over $A400 million in cash by the end of this year, and eager shareholders and analysts will now start calling for a share buyback.

Sims said Monday evening that it had signed a binding sale agreement with Unimetals, an Abu Dhabi-based group, at around $A385 million.

The sale follows a strategic review of the UK business revealed by Sims in late 2023.

Sims shares ended at $9.61 on Monday, down 2.7%, well before the announcement was made after trading ended.

In the statement to the ASX, Sims said the sale price was a total after-tax cash proceeds of approximately £195 million (around $A385 million), "including the value of retained working capital, and subject to a completion mechanism linked to net asset value".

"This transaction brings to a conclusion the strategic review announced on 22 November 2023," Sims said.

"The transaction is expected to complete before the end of Q1 FY25 (September 30), and Sims said in the statement that the value realised by the sale 'represents a significant premium to the net carrying value of the asset and includes 28 facilities (including three port facilities) and four shredders'".

Unimetals will assume responsibility for employees currently working in the UK metals business.

Sims said the UKM sales volumes represented approximately 14% of the total Sims Metal sales volumes in 2023-24, and from now on, the company's metal portfolio will include Australia and New Zealand Metal, North America Metal (NAM), and its 50% interest in the SA Recycling Joint Venture.

Sims also announced on Monday that it had signed a letter of intent to sell its remaining interest in CLP Circular Services Holdings LLC ("Circular Services") for approximately US$32 million (around $A50 million), which will see a loss.

"Sims Municipal Recycling of New York (a predecessor to Circular Services) was originally valued on Sims' balance sheet at $A70 million. While this final sale tranche will result in the company recognising a loss of $A48 million in FY24, over a series of three divestments, commencing in January 2022 and concluding with this transaction, Sims has sold its entire interest for approximately $A126 million, an overall gain of $A56 million."

Sims said the two deals will see it get around $A435 million by the first half of the 2024-25 financial year.