SAN FRANCISCO ( TheStreet) -- URS Corp announced Monday it has reached a deal to buy Flint Energy Services Ltd. (FES:Toronto) for C$1.25 billion or $1.25 billion.
URS, a San Francisco-based construction company, said it would pay 25 Canadian dollars in cash for each outstanding share of Flint Energy Services. Right now, Canadian and U.S. dollars are nearly equivalent.
The purchase price marks a 68% premium to Flint Energy Services' closing stock price Friday of C$14.90 on the Toronto Stock Exchange. Canadian and U.S. stock markets were closed Monday.