Sales negotiations lead to purchase for Tutor Perini
Tutor Perini purchase following sales negotiations.
Sales negotiations have been completed that see Tutor Perini Corp acquire Fisk Electric Co, a privately held electrical construction company.
Tutor Perini purchased 100 per cent of Fisk's stock for $105 million in cash plus an additional sum to be determined by Fisk's operating results for 2011-2013.
According to the firm, the deal will be financed through proceeds from an October bond transaction.
The deal "expands our nationwide electrical construction capabilities," said Tutor Perini chairman and chief executive Ronald Tutor.
"We expect to realize significant synergies and opportunities in support of our non residential building and civil operations," he added.
Fisk is based in Houston and designs electrical systems offices, sports arenas, hospitals, casinos and other large facilities.
It is expected to operate as a subsidiary of Tutor Perini and will continue to be run by its current management team.
Sales negotiations may also have proved useful for Northern Foods and Boparan Holdings, after the latter made contact requesting information under the City Code on Takeovers and Mergers.