Canadian engineering and construction company SNC-Lavalin Group Inc said on Monday that it would acquire British energy services provider Kentz Corp Ltd for about 1.164 billion pounds ($1.98 billion) in cash to expand its offerings in the oil and gas sector.Montreal-based SNC said the acquisition of Kentz would make it a leading global player in the oil and gas sector, with a greater presence in key growth regions such as the Middle East, North America and Asia Pacific, along with a significant presence in Australia.SNC-Lavalin said each Kentz shareholders would receive 935 pence per share, a premium of 33 percent to the stock's Friday close on the London Stock Exchange. Kentz shares were trading at 928.665 pence at 1113 GMT on Monday.SNC said it expected the Kentz deal to boost its earnings within the first full financial year after closing.
SNC-Lavalin Group Inc. (SNC-Lavalin) is an international engineering and construction company. Shares of SNC fell by 1.0% or $-0.53/share to $52.40. In the past year, the shares have traded as low as $39.47 and as high as $55.44. On average, 406416 shares of SNC.TO exchange hands on a given day and today's volume is recorded at 1002185.
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