LONDON (ShareCast) - Integrated support services company Carillion said on Friday that it has acquired Outland Group - a provider of remote-site accommodation and associated services that operates across Canada.
Carillion chief executive Richard Howson said: "Acquiring Outland is another important strategic step in the development of our support services business in Canada."

"Outland brings complementary skills and knowledge to Carillion and its culture complements our own. It has built a reputation for delivering high-quality, value-for-money services to a portfolio of blue chip private and public sector customers and is well-positioned in a diverse range of growth markets," he added.

The consideration will be paid in instalments from Carillion's existing cash resources, with the total dependent on the financial performance of Outland, but capped at £63m. The first instalment of some £11m, of which around £5m relates to the acquisition of cash and excess working capital on Outland's balance sheet, will be paid in 2015, with further instalments in 2016 totalling approximately £25m, Carillion said.

The balance of the consideration will be paid in 2018 and 2019 and this will be based on 4.5 times 51.5% of Outland's average earnings before tax, interest, depreciation and amortisation in 2015, 2016 and 2017, but capped so that the total consideration does not exceed £63m.

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