(Reuters) - British construction company Costain Plc (>> Costain Group PLC) will acquire infrastructure and maintenance company May Gurney Integrated Services Plc (>> May Gurney Integrated Services plc) for about 177 million pounds in an all share deal, the companies said in a joint statement on Tuesday.

Each May Gurney shareholder will receive 0.8275 of a new Costain share, or about 252 pence per share, a premium of 37 percent to May Gurney's close on Tuesday.

Costain expects the deal to enhance earnings by double digits for the year ending December 31, 2014.

The combined company will be led by current Costain Chief Executive Andrew Wylie and will be renamed Costain May Gurney Plc, the joint statement said.

Costain, which builds and maintains highways, rail stations and airports, reported in early March a 16 percent rise in full-year adjusted profit.

May Gurney helps maintain Britain's highways, rail and utilities services.

Costain, which has a market value of 201 million pounds, said it has the backing of shareholders representing 32.5 percent of May Gurney.

Rothschild was the financial adviser to Costain. Canaccord Genuity advised May Gurney.

Costain's shares closed at 305 pence on Tuesday on the London Stock Exchange. May Gurney's shares closed at 184.5 pence.

(Reporting by Ankur Banerjee in Bangalore. Editing by Andre Grenon)

Stocks treated in this article : Costain Group PLC, May Gurney Integrated Services plc