SNC-Lavalin to acquire U.K. engineering firm Kentz Corp
$2.1 billion deal will increase SNC-Lavalin's presence in oil and gas sector
SNC-Lavalin says it's acquiring U.K.-based Kentz Corp. Ltd., a global engineering firm that provides services to the oil and gas sector and operates in 36 countries.
The $2.1-billion acquisition for SNC-Lavalin comes after the Montreal-based engineering company has had to deal with allegations of corruption in recent years.
It's the first big acquisition for new SNC-Lavalin CEO Robert Card, who was hired after the Montreal engineering firm disclosed in 2012 that $56 million in questionable payments had been made or approved by some senior executives.
SNC-Lavalin is holding a conference call this morning to discuss the deal.
The acquisition will increase SNC-Lavalin's presence in the oil and gas sector.
The deal is expected to close later this year.