This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Matrix Service Company To Acquire North American Construction Business Assets From Kvaerner

TULSA, Okla., Dec. 9, 2013 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) has signed a definitive agreement to acquire Kvaerner North American Construction, Ltd. ("KNAC Ltd") and substantially all of the assets of Kvaerner North American Construction, Inc. ("KNAC Inc"), collectively the "Business", from subsidiaries of Kvaerner ASA. The all-cash transaction is valued at $80.3 million, net of cash acquired and other adjustments. The purchase price will be paid by utilizing a combination of cash on hand and borrowings under the Company's senior credit facility.

KNAC Inc. and KNAC Ltd. are premier providers of maintenance and capital construction services to North American power generation, integrated iron and steel, and industrial process facilities. The Business will continue to be led by their existing, talented management and operational teams. 

John Hewitt, President and Chief Executive Officer of Matrix, noted, "The Business has over 35 years of successful delivery of maintenance and capital construction services, and this transaction will provide Matrix Service Company with a unique service offering that complements and enhances our existing platform. Strategically, this transaction achieves many of our goals by expanding our geographic footprint in the mid-west and Ontario, enhancing our capital construction skills, and further strengthening our market position as a union contractor. This Business has a culture and values that align closely with ours and we are delighted to have these tremendous employees as part of our family."

Matrix anticipates that the transaction will be accretive in the first year of ownership. The transaction is subject to the satisfaction of customary closing conditions, expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, with closing expected in late calendar year 2013.

Stifel, Nicolaus & Company, Incorporated provided a fairness opinion and is acting as exclusive financial advisor, and Conner & Winters, LLP is acting as legal counsel, to Matrix Service Company in connection with the transaction.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,912.11 -70.48 -0.42%
S&P 500 1,969.95 -8.96 -0.45%
NASDAQ 4,442.6980 -2.2110 -0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs