SNC-Lavalin to Buy Kentz
SNC-Lavalin Group of Canada signed a deal to buy LNG engineering company Kentz for about 1.164 billion pounds ($1.98 billion) in cash.
“The addition of Kentz’s capabilities will make SNC-Lavalin a leading global E&C player in the oil & gas sector, with a greater presence in key growth regions, including the Middle East, North America and Asia Pacific, with a significant presence in Australia,” SNC-Lavalin said in a statement.
The proposed acquisition of Kentz adds upstream capabilities, liquefied natural gas expertise, as well as unconventional oil & gas capabilities to SNC-Lavalin—in the oil sands, and in the shale gas growth sector following Kentz’s acquisition of Valerus Field Solutions in January 2014, the company said.
This acquisition is expected to increase SNC-Lavalin’s headcount by about 14,500, creating a combined company of about 44,500, with 18,500 employees dedicated to the oil & gas sector.