Keller Group PLC, a British construction company said it would buy North American Energy Partners Inc. The deal was for US$314.1 million as the company seeks expansion in Canada.

The construction company would pay C$227.5 million cash initially. The remaining C$92.5 million would be deferred contingent payments. It will be dependent upon North American Piling's financial performance for a three year term following the completion of the agreement.

In a statement, Keller CEO Justin Atkinson said that the acquisition of complementary piling business will build excellent opportunity for the company. The Keller board also identified Canada as a key target market according to the same statement.

Piling is a process known to drive a column of wood, concrete or steel into the ground structural support.

Keller said to fund the deal through a share replacement and from its existing credit facilities. The company aims to raise US$91.1 million gross proceeds.