Business Irish

Friday 29 August 2014

Tipperary-based Kentz sold to Canada's SNC-Lavalin for $2bn

Published 23/06/2014 | 13:26

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Kentz engineers at work
Kentz engineers at work

SNC-Lavalin Group, Canada's largest engineering and construction company, said it would buy energy services provider Kentz Corp Ltd for about £1.164bn ($2bn) in cash.

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SNC-Lavalin said each Kentz shareholder will receive 935p per share, a premium of 33pc to Kentz's Friday close on the London Stock Exchange.

Kentz's shares were trading at 930 pence mid-morning.

The company is based in Clonmel, Co Tipperary and provides engineering, construction and technical services to the gas, oil and mining industries around the globe.

The move will boost Lavalin's employee numbers by about 14,500 - the combined company will have about 44,500 staff, with 18,500 of these dedicated to the oil and gas sector.

Based in Clonmel, Kentz's customers include Chevron, Royal Dutch Shell, BP and it has operations stretching from the Middle East to Europe.

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