The URS Corporation is expanding its presence in the North American oil and gas industry.
The San Francisco-based engineering and construction company announced today that it will acquire Flint Energy Services Ltd. for $1.25 billion, or $25 per share.
Flint provides a wide range of products and services for the oil and gas industry, including: production services; infrastructure construction; oilfield transportation; and maintenance services. The company currently employs approximately 10,000 people and has 80 locations in oil and gas producing regions throughout North America, and supports some of the biggest companies operating in the oil, oil sands and gas producing regions of Western Canada and the Southwestern U.S.
In addition to the purchase, URS will take on $225 million worth of Flint debt.
The deal has received unanimous approval from the URS and Flint board of directors and is subject to the approval of Flint security holders, relevant regulatory approvals and other routine closing conditions.
The transaction is expected to be complete in the second quarter of 2012. Upon closing, Flint will become a new division of URS and will be led by current Flint president and CEO Bill Lingard, who will become the division president for URS.
The acquisition is expected to add approximately $3.5 billion to URS’ book of business.
URS employs more than 47,000 people in over 40 countries.
