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UK support services firm Kier to acquire Mouchel for 265 mln stg

Reuters - UK Focus

LONDON, April 28 (Reuters) - British support services and construction firm Kier Group (LSE: KIE.L - news) said it had agreed to acquire road maintenance company Mouchel for 265 million pounds ($404 million), financed by a 340 million pound fully underwritten rights issue.

Kier said in a statement on Tuesday that the acquisition would enhance its earnings for the coming financial year and that it was expected to deliver pretax synergies of approximately 10 million pounds per year by 2017.

The rights issue would partly be used to repay Mouchel's debt at the time of the acquisition, Kier added.

Kier has a market capitalisation of about 900 million pounds. ($1 = 0.6562 pounds) (Reporting by Sarah Young, Editing by Paul Sandle)