MISSION WOODS, Kan.—Drilling and construction services provider Layne Christensen Co. said Tuesday it bought water infrastructure company W.L. Hailey & Co. for $15 million.
The acquisition was funded from Layne's cash balance.
W.L. Hailey provides water infrastructure services in the Southeast and adds to the list of acquisitions made to expand Layne Christensen's geographic coverage in its water infrastructure business.
Morgan Joseph & Co. Inc. provided investment banking services to W.L. Hailey and served as financial adviser to the company for the deal.
Shares of Layne Christensen rose $1.37, or 5.4 percent, to $26.98.
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