Kentz proposes acquiring Valerus Field Solutions for $435 million

Valerus

Valerus has entered into an agreement with Kentz Corp. Ltd. (LSE: KENZ), the holding company of the Kentz engineering and construction group, for the proposed acquisition of Valerus Field Solutions for $435 million in cash, subject to a working capital adjustment, payable in cash at completion. The transaction is, among other conditions, subject to approval by Kentz's shareholders.

The proposed acquisition of the field solutions portion of Valerus includes the Processing and Treating, Production Equipment, Compression and Integrated Services business lines. The remaining Valerus contract services and after-market service (AMS) business lines will be separated to form a stand-alone company, whose new name will be announced in 2014.

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