NV5 Global (NVEE) said Thursday it has agreed to be acquired by Acuren (TIC) for about $1.7 billion.

Under the terms of the agreement, NV5 shareholders will receive $23 per share, which will consist of $10 in cash and $13 in Acuren common shares, subject to adjustment, the companies said. Upon closing, Acuren shareholders will own about 60% of the combined company, and NV5 shareholders will own about 40% of it.

The cash portion of the acquisition will be funded by a fully committed $850 million term loan facility and cash on hand, and all of NV5's existing bank indebtedness will be repaid in connection with the closing of the transactions.

The companies said they expect NV5 Executive Chairman and Founder Dickerson Wright, and NV5 Chief Executive Ben Heraud to join Acuren's board, along with one additional mutually agreed upon independent director.

The companies said the merger is expected to be immediately accretive to Acuren.