Market Overview

North American Energy Partners Agrees to Sell Piling Business

North American Energy Partners Inc. ("NAEP" or "the Company") (TSX:NOA)(NYSE: NOA) today announced it has reached an agreement to sell its Piling businesses and announced its financial results for the year and three months ended March 31, 2013. The Company has prepared its consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP). Except where otherwise specifically indicated, all dollar amounts are expressed in Canadian dollars. Divestiture of Piling Related Assets and Liabilities As part of its strategic initiative to improve operational focus, capital efficiency and financial strength, NAEP has reached an agreement with Keller Group plc (the "purchaser") to sell all piling-related assets and liabilities and exit the piling, foundation, pipeline anchor and tank services businesses. Under the terms of the agreement, NAEP will receive cash consideration of approximately $227.5 million less approximately $5.0 million for capital lease adjustments upon closing, plus or minus customary working capital adjustments, and up to $92.5 million in proceeds over the following three years, contingent on the purchaser achieving prescribed profit targets from the businesses sold. Net proceeds at closing, after also adjusting for transaction costs, are expected to

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Posted-In: News Guidance Contracts Asset Sales Management M&A Global

 

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