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Founded in 1927, Kenny is a privately-owned,
"This acquisition is an important milestone for Granite as we continue
to execute on our strategic plan to diversify, strengthen and grow our
business," said
Transaction
Under the terms of the definitive agreement, Granite will pay the
purchase price of
Granite intends to finance the transaction through a combination of cash
and available borrowings under its existing revolving credit facility.
The transaction has been closed in escrow and will become effective on
Including integration costs and the impact of intangible amortization, the transaction is expected to be break-even to Granite's 2013 earnings per share. Excluding intangible asset amortization, the transaction would be immediately accretive. These projections are based on preliminary estimates of the allocation of purchase price intangible assets. The final allocation will be determined after closing.
BofA Merrill Lynch is acting as financial advisor to Granite in
connection with the transaction.
Conference Call
Granite will conduct a conference call today,
About Granite
Granite is one of the nation's leading infrastructure contractors and is
member of the S&P 400 Midcap Index, the FTSE KLD 400 Social Index and
the Russell 2000 Index. Through its wholly owned subsidiary, Granite is
one of the nation's largest diversified heavy civil contractors and
construction materials producers serving public- and private-sector
clients nationwide. In addition, Granite has one of the oldest and most
robust ethics and compliance programs in the industry. The Company has
been recognized by the
Forward-looking Statements
Any statements contained in this news release that are not based on
historical facts, including statements regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results, constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are identified by words such as "future,"
"outlook," "assumes," "believes," "expects," "estimates," "anticipates,"
"intends," "plans," "appears," "may," "will," "should," "could,"
"would," "continue," and the negatives thereof or other comparable
terminology or by the context in which they are made. These
forward-looking statements are estimates reflecting the best judgment of
senior management and reflect our current expectations regarding future
events, occurrences, circumstances, activities, performance, outcomes
and results. These expectations may or may not be realized. Some
of these expectations may be based on beliefs, assumptions or estimates
that may prove to be incorrect. In addition, our business and
operations involve numerous risks and uncertainties, many of which are
beyond our control, which could result in our expectations not being
realized or otherwise materially affect our business, financial
condition, results of operations, cash flows and liquidity. Such
risks and uncertainties include, but are not limited to, those described
in greater detail in our filings with the
Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law, we undertake no obligation to revise or update any forward-looking statements for any reason.
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