Olympics firm in Canada deal

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The Independent Online

Keller Group, the ground engineer that laid the foundations for the London Olympic stadium, plans to buy Canada's North American Piling in a deal worth up to £202.5m.

The Alberta-based business will help Keller win lucrative oil sands work, as Canada has some of the biggest deposits in the world. Justin Atkinson, Keller's chief executive, said that the board had "identified Canada as a key target market".

Keller plans to fund the deal through existing credit facilities and a £58.7m share placing. The overall cost of the acquisition will depend on North American Piling's financial performance in the first three years of Keller's ownership, but £144m is payable upfront.

Keller shares rose 19p, or 2 per cent, to end at 925p.

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