North American Construction Group Takes a Major Revenue Diversification Step With the Acquisition of Ownership Interest in Nuna Logistics [Canadian Business Journal (Canada)]
North American Construction Group Ltd. Common Shares (no par) (NOA)
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Source: Canadian Business Journal
North American Construction Group Takes a Major Revenue Diversification Step With the Acquisition of Ownership Interest in Nuna Logistics ACHESON, Alberta, Sept. 20, 2018 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA/NYSE:NOA) today announced that it has entered into a definitive agreement to acquire a 49% ownership interest in Nuna Logistics Limited and related companies (collectively, “Nuna”), a civil construction and contract mining company based in Edmonton, Alberta, for $42.5 million in cash (the “Purchase Price”) from a group of private selling shareholders (the “Transaction”). The majority 51% ownership interest in Nuna is held by the Kitikmeot Corporation, a wholly owned business arm of the Kitikmeot Inuit Association. “This Transaction represents a compelling opportunity for us to continue to execute on our strategy of customer and revenue diversification, while also reducing the overall capital intensity of our business
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