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Trimac buys 29 per cent stake in Northern Resource Trucking for $9 million
CALGARY - Bulk trucking services company Trimac Transportation Ltd. (TSX:TMA) said Tuesday it has agreed to buy a 29 per cent stake in uranium mining industry trucking firm Northern Resource Trucking LP for $9 million in cash and shares.
Calgary-based Trimac said it intends to pay $1 million in cash and $8 million worth of shares for Northern Resource, which operates primarily in northern Saskatchewan.
"NRT is a strategic partner that is the leader in bulk transportation in Northern Saskatchewan," president and CEO Ed Malysa said in a statement.
"By exploiting Trimac's expertise and NRT's strong market position, the acquisition is expected to provide accretive earnings to Trimac."
The two companies have worked in partnership for several years, with Northern Resource providing overflow subcontractor support to Trimac customers.
The 29 per cent stake is currently held by Trimac Investments LP, which acquired it in 2005 when Trimac Income Fund was formed.
The other owners of Northern Resource are a group of 10 First Nations and Metis partners from communities across Northern Saskatchewan.
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