Student Transportation (STB) Announces New Contract Award in Pennsylvania
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Student Transportation (Nasdaq: STB) is expanding their operations in Pennsylvania state through a new contract award and two letters of intent to acquire two longtime school bus operators.
The Company said it has signed two "non material" letters of intent subject to final due diligence and customer consents to acquire two school transportation companies and also won one new contract in a similar area that together will add over 190 vehicles with annualized revenues of over $9.0 million. Additional details will be disseminated upon closing of the acquisitions which are scheduled prior to the start of the school year.
The Company will fund the acquisitions through its existing credit facility. Management said the acquisitions will be immediately accretive to shareholders of its common stock upon closing and will be consistent with margins and purchase price multiples of previous acquisitions.
The Company said it has signed two "non material" letters of intent subject to final due diligence and customer consents to acquire two school transportation companies and also won one new contract in a similar area that together will add over 190 vehicles with annualized revenues of over $9.0 million. Additional details will be disseminated upon closing of the acquisitions which are scheduled prior to the start of the school year.
The Company will fund the acquisitions through its existing credit facility. Management said the acquisitions will be immediately accretive to shareholders of its common stock upon closing and will be consistent with margins and purchase price multiples of previous acquisitions.
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