29th May 2015 06:37
LONDON (Alliance News) - FTSE 250-listed construction and support services company Carillion PLC on Friday said it has acquired Canadian remote-site accommodation and services business Outland Group for up to GBP63 million in cash in order to boost its operations in Canada.
Carillion will pay GBP11 million upfront to acquire Outland, with further instalments totalling GBP25 million to be paid in 2016. It will then make further payments, capped at GBP69 million, based on the financial performance of Outland through to 2017.
"Acquiring Outland is another important strategic step in the development of our support services business in Canada. Outland brings complementary skills and knowledge to Carillion and its culture complements our own," said Richard Howson, Carillion's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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