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Transfield Services Ltd (ASX:TSE) is set to buy Australian mining and infrastructure services provider Easternwell for $575 million.

Transfield will fund the purchase through debt and equity, including $271 million of debt to be sourced from new facilities and $294 million equity raising.

The entitlement offer will see new Transfield shares issued at $3 each, which represents a 14 per cent discount to the closing price of $3.50 on Friday.

Transfield says the Easternwell acquisition is expected to contribute over $40 million in EBITDA in the first six months of 2011.

Transfield Services rebounded into the black with a net profit of $73.55 million in the 2010 financial year.