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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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March 19, 2015
08:38 EDTGVAGranite Construction says financial close achieved in $899M project
Granite Construction announced that Financial Close has been achieved on the $899M Pennsylvania Rapid Bridge Replacement Project, the first public-private partnership to bundle multiple bridges in a single procurement in the U.S. Granite anticipates booking its 40% share of the contract into backlog in 1Q15. Plenary Group is the project sponsor, financial arranger and primary investor for the Plenary Walsh Keystone Partners consortium, which has been contracted by the Pennsylvania Department of Transportation to deliver the project. The Plenary Walsh Keystone Partners consortium includes The Walsh Group, Granite Construction Company and HDR. Construction is expected to begin in May 2015, with a projected completion date of December 2017.

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