Sirit and Federal Signal Corp. have announced a deal to merge. Settling the agreement is subject to fulfillment of the closing conditions, which include obtaining court approvals, as well as the approval of Sirit’s Shareholders.

The transaction, with a total equity valued at approximately $48 million, is by way of the court-approved plan of arrangement under the Business Corporation Act in Ontario. Federal Signal intends to finance the transaction through cash on hand and existing bank lines of credit.