As per the agreement, URS also will assume approximately C$225m ($225m) in Flint debt.

The transaction, which is subject to the approval of Flint stakeholders and regulators and other customary closing conditions, will be implemented through a court-approved Plan of Arrangement under Canadian law.

The acquisition is expected to be completed in the second quarter of 2012.

URS chief executive officer Martin Koffel said expanding its presence in the oil and gas sector has been a longstanding strategic priority for the company.

Flint’s chairman Stuart O’Connor said it delivers a significant cash premium to its stockholders while also allowing the company to accelerate the growth of its business by offering a more complete suite of services to clients.