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.