Canadian engineering and construction company SNC-Lavalin Group said yesterday that it would acquire Tipperary-based energy services provider Kentz Corp for about £1.164bn (€1.45bn) in cash to expand its offerings in the oil and gas sector.

Kentz Corp, the Clonmel-headquartered oil and gas engineering company whose clients include Exxon Mobil, fell the most in eight months in London trading after two directors agreed to sell shares.

KENTZ, the Clonmel-based international engineering company, has reported a 10% increase in first-half profits on turnover that was flat over the period.