Irish-listed company Siteserv has agreed to conditionally buy British building services company Deborah Services, for £43.2 million.
The Dublin-based builders' provider will make an initial payment of £43.2 million in cash and shares but may pay an additional £5 million if three-year profit targets are met, bringing the total purchase price to £48.2 million.
Siteserv is seeking to reduce its reliance on the residential property market in Ireland, as house prices continue to decline and the construction industry weakens.
Yorkshire-based Deborah Services is a contractor to the petro-chemical, power generation, civil engineering and building industries in Britain.
The company last year recorded revenues of £81 million and an operating profit of £7.5 million.
