URS Corp. (URS) has agreed to buy Flint Energy Services Ltd. (FES.TO) for C$25.00 per share in cash or C$1.25 billion. URS will also assume about C$225 million in Flint debt, the company said in a statement.
URS also detailed its full-year 2012 financial outlook, with earnings expected to beat current estimates while revenues are forecast to miss expectations.
URS said the transaction will be accretive to its 2012 earnings and will increase its revenues from oil and gas sector to about 22 percent of total revenues.
Flint Energy provides an expanding range of integrated products and services for the oil and gas industry including production services, infrastructure construction, oilfield transportation, and maintenance services.
Chief Financial Thomas Hicks said, "We expect the transaction to be accretive to URS' 2012 EPS between US$0.20 and US$0.30 per share, which reflects expected acquisition related costs, estimated amortization of intangible assets and the estimated cost synergies discussed above."
Looking forward, URS expects its fiscal 2012 earnings in a range of $3.95 to $4.05 per share and revenues of $9.9 billion to $10.1 billion. Analysts currently expect earnings of $3.85 per share on revenues of $10.25 billion.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.