LONDON (ShareCast) - Construction group Carillion is expanding in the power business by buying a 60% stake in Canada's Rokstad Power Corporation for up to £33m.
Rokstad, based in British Columbia, provides a full range of transmission and distribution power line services, including specialist live line operations, and has expanded its operations in strategic locations primarily across Canada.

Under the acquisition agreement, Carillion has also committed to acquire the remaining 40% interest in family-owned Rokstad after five years at a multiple of 4.5 times Rokstad's 2019 pre-tax earnings before interest, depreciation and amortisation, capped at a maximum extra £42m.

Carillion chief executive Richard Howson said: ''Acquiring this interest in the Rokstad Group is an important strategic step in the development of our transmission and distribution business.

"The Rokstad Group has a successful track record in delivering high-quality services to a portfolio of blue chip major utility customers including BC Hydro, SaskPower, AltaLink, Fortis AB, National Grid & Iberdrola and private companies such as SNC Lavalin, Rogers and Imperial Metals."

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