The share price of Kentz Corp (KENZ) recorded a double-digit surge on news that the oil services engineer is to expand its footprint in Latin America and the US shale gas market through a $435m (£265m) cash bid for Valerus Field Solutions - a company owned by private equity group, TPG Capital.
IC TIP:
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Kentz is to acquire the processing and production equipment, compression and integrated services business lines from Valerus, which posted revenues of $493m over the previous year, against Kentz Corp's $1.56bn.
