News Breaks |
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| December 28, 2012 |
| 09:02 EDT |  | GVA | Granite 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 |
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News For GVA From The Last 14 Days Check below for free stories on GVA the last two weeks. |
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| May 14, 2013 |
| 17:34 EDT | | GVA | Granite Construction awarded $130M design-build contract
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| May 13, 2013 |
| 13:16 EDT |  | GVA | Granite Construction management to meet with DA Davidson
Meetings to be held in New York on May 15-16 hosted by DA Davidson. |
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| May 10, 2013 |
| 18:18 EDT | | GVA | Granite Construction awarded $61M dam removal project
Granite Construction (GVA) announced that it has been awarded a $61M dam removal contract by California American Water, a subsidiary of water and wastewater utility American Water (AWK). Granite expects to book the project into backlog during Q2. Construction is scheduled to start in July and will take approximately 28 months to complete. |
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| 08:05 EDT |  | GVA | Granite Construction upgraded to Neutral from Underperform at Sterne Agee
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| 06:11 EDT | | GVA | Granite Construction upgraded to Neutral from Sell at Goldman
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