Perini Corporation (PCR) Buys Keating Building Corporation For $43 Million

January 15, 2009 4:18 PM EST

Perini Corporation (NYSE: PCR) announced that it 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.

Keating Building Corporation is expected to operate as a wholly owned subsidiary of Perini Corporation and will continue to be managed by its current senior management team.

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Perini Corporation is a leading construction services company offering diversified general contracting, construction management and design/build services to private clients and public agencies throughout the world.

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