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SNC-Lavalin to acquire U.K.-based engineering firm Kentz Corp. Ltd.
MONTREAL – SNC-Lavalin Group Inc. 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 (TSC:SNC) 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.
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