This morning Keller revealed it had agreed a deal that could cost up to £200m to buy  Canadian foundations business North American Piling.

The Alberta-based foundations business employs 400 staff and operates across Canada, including the Alberta oil sands region, turning over around £150m a year.

Under the terms of the takeover deal Keller will pay £144m upfront with a deferred payment of up to £58m dependent on performance over the next  three years.

Keller also revealed today is will finance the deal with a share placing raising £59m.

Justin Atkinson, chief executive of Keller, said: “The Board has identified Canada as a key target market and this acquisition of a complementary piling business represents an excellent opportunity to build substantially on Keller’s existing presence in that market.

“North American Piling is a market-leading business with attractive margins positioned in growth markets, including the resource-rich regions of Western Canada.

“The business has a strong record of growth delivered by an experienced management team who are transferring to Keller.  Importantly, the acquisition will be significantly earnings enhancing*.”