Canadian oilfield services company Shawcor Ltd. has agreed to acquire fiberglass reinforced plastic underground storage tanks manufacturer ZCL Composites Inc. for $308 million.
Under the terms of the transaction, Shawcor will pay $10 per ZCL Composites share in cash.
Shawcor said that the deal, which requires approval by a two-thirds majority vote by ZCL shareholders, will help extend the company’s product and service offering.
The acquisition, subject to other customary conditions and regulatory approvals, is anticipated to be finalized early in the second quarter of this year.