Clean Harbors Inc , a provider of environmental and related services, said it will buy Canada-based Peak Energy Services Ltd for about C$161 million ($167 million) in cash to expand its presence in the energy services market, sending its shares up to an all-time high. The company, which was involved in the offshore clean-up after last year's BP Plc well blowout, will assume about C$35 million of Peak's net debt. Clean Harbors will pay 95 Canadian cents for each Peak share, which translates to a 28 percent premium over the stock's closing price of 74 Canadian cents on Tuesday on the Toronto Stock Exchange.
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