Bird Construction Inc. and Stuart Olson Inc. announced that they have entered into a definitive arrangement agreement under which Bird will acquire Stuart Olson, pursuant to an arrangement under the Business Corporations Act (Alberta) for aggregate consideration of CAD 96.5 million (US$ 72.33 million).

The transaction, which was unanimously approved by the Boards of Directors of both companies, is expected to close early in the fourth quarter of 2020, subject to obtaining the required approvals of the Court of Queen’s Bench of Alberta, the Competition Bureau, the shareholders, secured bank lenders and unsecured convertible debenture holders of Stuart Olson.

Stuart Olson Inc. provides construction services including vertical infrastructure and electrical building systems contracting in the public and private construction markets as well as a full suite of services including, electrical, mechanical, and specialty trades, such as insulation, cladding, and asbestos abatement, in the industrial construction and services market.

Bird intends to finance the transaction through a combination of common shares of Bird and cash, allowing Stuart Olson’s stakeholders to receive shares with the opportunity to participate in the future growth of the combined business.