URS completes acquisition of oil and gas products company
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May 15, 2012
URS Corp. (NYSE: URS) completed its acquisition of Flint Energy Services Ltd. for $1.24 billion.
Under the terms of the definitive agreement announced in February, Flint shareholders received C$25.00 ($24.93) per share in cash for each Flint share. Flint has become the new Oil & Gas division of URS and will be headed by W.J. (Bill) Lingard, Flint’s former president and CEO, as the Division President. The Oil & Gas division will be based in Calgary, Alberta.
Through the acquisition of Flint, URS has added a network of approximately 80 locations in North America that support many of the largest companies operating in the oil, oil sands and gas producing regions of Western Canada and in the Southwest, Appalachian and Rocky Mountain regions of the U.S.
URS and Flint also announced that they have reached an agreement with Transfield Services Limited to continue Flint Transfield Services Limited (FT Services) as a 50-50 operations and maintenance joint venture between Transfield and the URS-owned Flint. FT Services, originally formed in 2006 as a 50-50 jointly owned company between Transfield and Flint, delivers operations and maintenance solutions to the oil and gas and petrochemical sectors in Canada.
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