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Stock Market & Financial Investment News

News Breaks
December 28, 2012
09:02 EDTGVAGranite Construction to acquire Kenny Construction for $130M
Granite Construction has signed a definitive agreement to acquire Kenny Construction Company, a national contractor and construction manager specializing in the power, tunnel, water and civil markets, for $130M. Kenny is a privately-owned, Northbrook, Illinois-based company with approximately 425 employees. Kenny’s revenues are projected to be $270M for 2012. 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. One-time costs related to the acquisition of Kenny are estimated to be approximately $5M and will be recorded in Q4. Including integration costs and the impact of intangible amortization, the transaction is expected to be break-even to Granite’s 2013 EPS. Excluding intangible asset amortization, the transaction would be immediately accretive
News For GVA From The Last 14 Days
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June 25, 2015
17:32 EDTGVAGranite Construction awarded $39M transit project in San Diego
Granite Construction announced that it has been awarded a $39M contract by the San Diego Association of Governments, or SANDAG, to construct new bus rapid transit stations along State Route 15 at El Cajon Boulevard and University Avenue in San Diego County. Granite will book the project into backlog during the second quarter. Scope of the Mid-City Centerline project consists of the addition of three miles of new dedicated transit lanes, four new bus rapid transit station platforms in the freeway median, plaza bridge entrances and ramp intersection improvements. This project supports an integrated Rapid transit network that provides high frequency services seven days a week to riders. Funding for the project is provided by the Federal Transit Administration and TransNet, the regional half-cent sales tax for transportation administered by SANDAG.

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