URS Corporation (“URS”) completed a $1.25 billion acquisition of Flint Energy Services Ltd. (“Flint”), broadening its reach in the oil and gas sector. Under the completed transaction, unanimously passed by their boards, URS absorbed approximately $225 million in Flint debt and Flint shareholders received $25 a share, or $1.25 billion.
URS, based in San Francisco, is a firm that specializes in the delivery of engineering, con-struction and technical services for both public and private sector agencies worldwide. The deal extends the firm's presence in designing the services required to extract from the oil sands.
Calgary-based Flint, a provider of construction services in the oil and gas industry, has about 82 locations across North America. The company's extensive services range from constructing well pads to constructing and maintaining oil sands facilities.
URS was represented by Martin Koffel, CEO; Thomas Hicks, CFO; Joseph Masters, Vice-President and General Counsel; and Charles Szurgot, Securities and Corporate Counsel and by Osler, Hoskin & Harcourt LLP with a team led by Frank Turner and Andrea Whyte. Latham & Watkins LLP and Cooley LLP also assisted in the transaction, providing additional US legal advice.
The Flint team was led by Bill Lingard, President and CEO; Stuart O'Connor, Chair; Paul Boechler, CFO; and Sean James, General Counsel and by Bennett Jones LLP with a team that included David Spencer and Darrell Peterson. Hall, Estill, Hardwick, Gable, Golden & Nelson, P.C. provided additional assistance on US legal matters.