Granite Construction, a California-based public company has agreed to buy Layne Christensen, based in The Woodlands, in an all-stock transaction worth $565 million, including the assumption of net debt.
Layne is a water management, infrastructure services and drilling company with approximately 2,200 employees. Granite is paying $17 per share for Layne, a 33% premium based on the average share price over the past 90 days.
No details were given on who would run the combined company or where the head office would be located. The deal is expected to close in the 2nd Quarter.