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URS to Acquire Flint Energy Services for $1.25 Billion and Expand its Oil Sands Services
Description:
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.
Keywords
engineering, construction, technical services, URS, Flint Energy, Alberta, Canada, Oil sands, Premium
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.
Keywords
engineering, construction, technical services, URS, Flint Energy, Alberta, Canada, Oil sands, Premium
Contents:
1
1
1.1 List of Tables
1.2 List of Figures
2 URS to Acquire Flint Energy Services for $1.25 Billion
2.1 Deal Overview
2.2 Deal in Brief
2.3 URS’ Position in the Attractive Canadian Oil Sands Services Market Strengthened
2.4 Increasing Oil Sands Development Leading to Rise in M&A Activities in the Oil Service Segment
2.5 URS’s Acquisition of Flint is Priced at 67% Premium over the Prevailing Market Price
2.6 Deal Financials and Valuations
3 Appendix
3.1 Methodology
3.2 Contact Us
3.3 Disclaimer
1.1 List of Tables
Table 1: Canada, Major Deals in Equipment and Services Industry, January 2012 - February 20, 2012
Table 2: Canada, Flint, Major Oil Sands Contracts, 2012
Table 3: Companies Involved
Table 4: Financials of the Deal
Table 5: Advisor Information
Table 6: Target Information
Table 7: Target’s Financial Information
Table 8: Share Price Information
Table 9: Company Valuation Multiples
Table 10: Acquirer Information
1.2 List of Figures
Figure 1: Canada, Flint Stock Price Movement, February 08, 2012 - February 24, 2012
1
1.1 List of Tables
1.2 List of Figures
2 URS to Acquire Flint Energy Services for $1.25 Billion
2.1 Deal Overview
2.2 Deal in Brief
2.3 URS’ Position in the Attractive Canadian Oil Sands Services Market Strengthened
2.4 Increasing Oil Sands Development Leading to Rise in M&A Activities in the Oil Service Segment
2.5 URS’s Acquisition of Flint is Priced at 67% Premium over the Prevailing Market Price
2.6 Deal Financials and Valuations
3 Appendix
3.1 Methodology
3.2 Contact Us
3.3 Disclaimer
1.1 List of Tables
Table 1: Canada, Major Deals in Equipment and Services Industry, January 2012 - February 20, 2012
Table 2: Canada, Flint, Major Oil Sands Contracts, 2012
Table 3: Companies Involved
Table 4: Financials of the Deal
Table 5: Advisor Information
Table 6: Target Information
Table 7: Target’s Financial Information
Table 8: Share Price Information
Table 9: Company Valuation Multiples
Table 10: Acquirer Information
1.2 List of Figures
Figure 1: Canada, Flint Stock Price Movement, February 08, 2012 - February 24, 2012
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