North American Energy to reap at least $210 million from sale of businesses

EDMONTON – North American Energy Partners Inc. (TSX:NOA) says it has agreed to sell a major chunk of its business to Keller Group PLC, a U.K-based multinational.

North American Energy says it expects to receive about $210 million in upfront net proceeds from the sale of business units that do piling, foundation, pipeline anchoring and tank servicing.

The buyer has agreed to pay up to an additional $92.5 million over the next three years if certain business targets are achieved.

Edmonton-based North American Energy will become more focused on work for the Alberta oilsands industry.