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Bharat Vasandani Madhavan N. & Hari... Urvish Dave

Market & Company Research Store > Details

Year: 2012

Contents: 7 pages

Country: Canada

Sector: Exploration and Production (Energy)
URS to Acquire Flint Energy Services for $1.25 Billion and Expand its Oil Sands Services - Deal Analysis from GlobalData

Summary

URS Corporation (URS), a provider of engineering, construction and technical services, agreed to acquire Flint Energy Services Ltd. (Flint), an energy service provider, for a purchase consideration of CAD1,250m ($1,253.2m). Under the terms of the agreement, URS will pay CAD25 ($25.06) per Flint share in cash and also assume debt of approximately CAD225m ($225.57m).

Flint, with over 10,000 employees and a network of approximately 80 locations in North America, is currently supporting companies operating in the oil, oil sands and gas producing regions of western Canada, Appalachian and Rocky Mountain regions of the US.

Following the completion of the acquisition, Flint will become a new division of URS and will be led by W. J. (Bill) Lingard, Flint’s president and CEO, as the division president.

Morgan Stanley & Co. LLC is acting as financial advisor, while Osler, Hoskin & Harcourt LLP, Latham & Watkins LLP and Cooley LLP are acting as legal advisors to URS in the transaction. Credit Suisse Securities (Canada), Inc. is acting as financial advisor, while Bennett Jones LLP and Hall, Estill, Hardwick, Gable, Golden, & Nelson P.C. are acting as legal advisors to Flint in the transaction.

The acquisition will enable URS to expand its presence in the North American oil and gas industry.

The acquisition is expected to be completed in the second quarter of 2012, subject to the approval of Flint’s security holders, the relevant regulatory approvals and other customary closing conditions. The acquisition will be implemented through a court-approved Plan of Arrangement under Canadian law.

Scope

- Rationale behind URS taking over Flint Energy
- Stratigic benefits for the companies involved in the transaction
- Geography covered - Canada

Reasons to buy

- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in oil sands industry in Canada.
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