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News Breaks | | | | January 3, 2013 | | 08:47 EDT |  | STRL | Sterling Construction acquires remaining interest in construction subsidiary
Sterling Construction made an early exercise of its option under a December 2009 Purchase Agreement on December 31, 2012 and purchased the remaining 20% membership interest in Ralph L. Wadsworth Construction Company that was previously held by RLW’s executive management. Sterling further retained the services of RLW’s CEO, President and Vice President of Business Development. Total consideration of $23.1M was funded by drawing down on Sterling’s line of credit. Sterling intends to repay the borrowed funds by liquidating some of its short-term investments. | |
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