Mexican construction company ICA said Wednesday it has signed a deal to acquire a 51 percent stake in Peru's San Martin Contratistas Generales, which provides construction services to the mining industry.

ICA said in a press release that the purchase price is based on a formula that takes into account San Martin's earnings before interest, taxes, depreciation and amortization, or EBITDA, from 2011 to 2014 and will likely range from between $80 million and $100 million.

It said it will pay for the majority stake over a five-year period.

Mexico's largest engineering and construction company said the transaction, which will likely close before June, is part of its international expansion efforts and interest in forming partnerships with domestic groups "of proven experience and recognized prestige" in selected Latin American countries.

ICA said San Martin's revenues increased at an average annual clip of 35 percent over the past three years, climbing to approximately $240 million in 2011.

The acquisition of a majority stake in San Martin "creates value for ICA and ICA's shareholders" and "opens up a new range of business opportunities for ICA in civil construction," the Mexican company's chief operating officer, Alfonso Quintana, said.

For his part, San Martin Chairman Julian Siucho said the partnership with ICA will allow the Peruvian firm to reach "new levels of growth and profitability."

Founded in 1960, San Martin is a leading Peruvian contract mining company that performs open pit and site preparation works.

ICA, founded in 1947, is the largest engineering, construction and infrastructure company in Mexico, where it also operates toll roads and airports. EFE