Irish construction and engineering firm Kentz has spent USD435 million (USD316 million) to take over US firm Valerus Field Solutions. The said deal marks a major expansion for Kentz, according to Irish Examiner.

The said transaction will open Kentz to Latin America's markets, the report said. Valerus has established a presence in Brazil, Colombia, Mexico, and Venezuela. The deal will reportedly also add to Kentz a strong and diversified client base from Valerus. In addition, the Irish company will gain more opportunities to provide services to the outsourced projects of the American firm, the report stated.

Kentz chief executive Christian Brown said of the takeover deal, "The board of Kentz believes that, consistent with our strategy, the acquisition of Valerus Field Solutions will help to establish Kentz as a recognised market leader in providing highly skilled process engineering, engineering, procurement, construction management: and EPC services for small and medium-sized oil and gas processing facilities worldwide. It also provides us with a significant presence in the growing US market."

In the fiscal year of 2012, Valerus posted a pre-tax profit of USD51.5 million and revenue of USD492.9 million. Kentz, which has been operating for almost 100 years now, employs 14,000 workers in 30 countries. The Ireland-based firm also posted 2012 revenues of just over USD1.5 billion, Irish Examiner reported.