The money will be paid when the deal closes, which is expected in the fourth quarter, with an additional consideration of up to 35 million Canadian dollars for the two-year period after closing based on the firm's profit performance.

Metso said the mobile aggregate equipment market was expected to grow 4-6% annually during 2019-2023, driven by spending on road construction.

"The different cycles of aggregates balance our previously more mining focused Minerals portfolio well," Metso Chief Executive Pekka Vauramo said in a statement.

(Reporting by Tarmo Virki; Editing by Edmund Blair)