Perini (PCR) Completes Acquisition of Keating Building Corporation
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Perini Corporation (NYSE: PCR) has completed the acquisition of Keating Building Corporation, a privately held construction, construction management and design/build company, with anticipated fiscal year 2008 revenues of approximately $425 million and a backlog of $860 million.
Under the terms of the transaction, Perini acquired 100% of the company's stock for $43 million in cash plus an amount to be determined based on the operating results for 2009 - 2011.
Perini Corporation stated that the transaction will be financed through the use of cash on hand and recently expanded borrowing capacity.
Perini Corporation is a construction services company offering diversified general contracting, construction management and design/build services to private clients and public agencies throughout the world.[SM]
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