June 11 (Reuters) - British construction company Keller Group Plc said it would buy North American Energy Partners Inc’s piling business for up to C$320 million ($314.1 million), as it seeks to expand its footprint in Canada.
Keller would pay an initial C$227.5 million in cash and up to a further C$92.5 million of deferred contingent payments depending upon North American Piling’s financial performance in the three years following the completion of the transaction.
“The board has identified Canada as a key target market and this acquisition of a complementary piling business represents an excellent opportunity to build substantially on Keller’s existing presence in that market,” Keller’s Chief Executive Justin Atkinson said in a statement.
Piling is the process by which a column of wood, steel or concrete is driven into the ground to provide support for a structure.
Keller said it planned to fund the deal through a share placement to raise 58.7 million pounds ($91.1 million) in gross proceeds, and its existing credit facilities.