Vancouver's WesternOne Equity Income Fund (TSX:WEQ.UN) plans to acquire an Edmonton equipment rental and propane distribution business for an undisclosed sum.
Further details of the acquisition will be announced once a formal acquisition agreement has been signed.
The acquisition will increase the income trust's exposure into Alberta's robust construction and infrastructure markets.
The deal, funded using existing cash and credit facilities, is expected to be completed in September 2008, subject to due diligence and other customary closing conditions.
WesternOne's unit price range during the past week: between $4.38 and $4.60; 52-week high: $5.05; 52-week low: $3.