ACQUISITIONS
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Primoris set to buy James Construction Group, continued ...
The acquisition is comprised of $7 million in cash, a $53.5 million promissory note over a five-year term, which also has growing interest of 5 to 8 percent, and shares of Primoris stock, totaling $64.5 million. The agreement also includes an incentive that could offer an additional $10 million of Primoris common stock if James Construction Group attains certain financial goals by Dec. 31, 2010.
James Construction Group generated $410 million in revenue and a $33 million operative profit in 2008. The firm was founded in 1998 and serves government and private clients throughout the Gulf Coast region, running from Texas to Florida.
The deal is expected to close before the end of this year, and upon completion, the company will become a subsidiary of Primoris, which, through its other subsidiaries, is one of the largest specialty contractors and engineering firms in the U.S. It mainly serves the power and energy sectors.
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Primoris set to buy James Construction Group, continued ...
The acquisition is comprised of $7 million in cash, a $53.5 million promissory note over a five-year term, which also has growing interest of 5 to 8 percent, and shares of Primoris stock, totaling $64.5 million. The agreement also includes an incentive that could offer an additional $10 million of Primoris common stock if James Construction Group attains certain financial goals by Dec. 31, 2010.James Construction Group generated $410 million in revenue and a $33 million operative profit in 2008. The firm was founded in 1998 and serves government and private clients throughout the Gulf Coast region, running from Texas to Florida.
The deal is expected to close before the end of this year, and upon completion, the company will become a subsidiary of Primoris, which, through its other subsidiaries, is one of the largest specialty contractors and engineering firms in the U.S. It mainly serves the power and energy sectors.
<< PREVIOUS PAGE
Related headlines
Aliso Viejo's Summit Office Campus inks two new tenants
Real estate market affected by short sales
Newport Beach's Master Development gears up for Las Palmas auction
