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Granite Construction Inc to Acquire Kenny Construction Company


Friday, 28 Dec 2012 09:00am EST 

Granite Construction Inc announced that it has signed a definitive agreement to acquire Kenny Construction Company (Kenny), a national contractor and construction manager specializing in the power, tunnel, water and civil markets, for $130 million. Under the terms of the definitive agreement, Granite will pay the purchase price of $130 million in cash at closing in exchange for 100% of the outstanding shares of Kenny. The purchase price is subject to adjustment for certain items, including any outstanding Kenny indebtedness. Granite intends to finance the transaction through a combination of cash and available borrowings under its existing revolving credit facility. The transaction has been closed in escrow and will become effective on December 31, 2012. BofA Merrill Lynch is acting as financial advisor to Granite in connection with the transaction. FMI Corporation is acting as financial advisor to Kenny. 

Company Quote

32.87
-1.11 -3.27%
22 Oct 2014