URS to Buy Flint Energy for $1.25 Billion
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.
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In addition, URS will assume about C$225 million of Flint's debt. Flint Energy Services is based in Calgary, Canada and provides products and services to the oil and gas industry. The deal, which has already been approved by both companies' boards, is expected to close in the second quarter. URS said the transaction will be accretive to its 2012 GAAP earnings and will increase its revenue from oil and gas to about 22% of its total revenue. Shares of URS closed Friday up 12 cents at $42.91.Select the service that is right for you!
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