RPS Group plc (RPS.L) announced the purchase of Petroleum Institute for Continuing Education or "PEICE", a Canadian based business providing geoscience and engineering training to the oil and gas industry, for a maximum consideration of C$11.7 million or 7.4 million pounds in cash.
Consideration paid at completion was C$5.7 million or 3.6 million million pounds. Subject to certain operational conditions being met, two further sums of C$3 million would be paid on the first two anniversaries of the transaction.
The founder and joint owner (with his wife) of the business would be remaining with RPS after the transaction, together with all current PEICE staff. They would work with RPS' existing energy training teams in the UK and U.S. for the extention of the range of courses offered and the geographical reach of the business.
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