Granite Construction (GVA) to Acquire Kenny Construction for $130M
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Price: $31.11 -0.61%
Overall Analyst Rating:
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Dividend Yield: 1.6%
EPS Growth %: -83.9%
Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 1.6%
EPS Growth %: -83.9%
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Granite Construction Incorporated (NYSE: GVA) 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 $130 million.
Founded in 1927, Kenny is a privately-owned, Northbrook, Illinois-based company with approximately 425 employees. Kenny offers a comprehensive range of services related to power transmission and distribution, construction management, tunnels, trenchless and underground utilities and heavy-civil infrastructure. Kenny’s revenues are projected to be $270 million for 2012 with approximately 50% of revenues associated with the power sector, 20% associated with tunneling-related work and 30% coming from water/underground and other heavy/civil related work. As of December 31, 2012, Kenny’s backlog is projected to be approximately $390 million.
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Founded in 1927, Kenny is a privately-owned, Northbrook, Illinois-based company with approximately 425 employees. Kenny offers a comprehensive range of services related to power transmission and distribution, construction management, tunnels, trenchless and underground utilities and heavy-civil infrastructure. Kenny’s revenues are projected to be $270 million for 2012 with approximately 50% of revenues associated with the power sector, 20% associated with tunneling-related work and 30% coming from water/underground and other heavy/civil related work. As of December 31, 2012, Kenny’s backlog is projected to be approximately $390 million.
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