Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Goldfield Signs Stock Purchase Agreement To Acquire C And C Power Line

The Goldfield Corp. (GV: Quote) announced that its wholly owned subsidiary, Power Corporation of America, signed a Stock Purchase Agreement to purchase the stock of C and C Power Line, Inc., a privately-held union electrical construction company headquartered in Jacksonville, Florida.

Goldfield had previously announced the signing of a Letter of Intent to acquire C and C on August 26, 2013. The transaction is expected to close in early January, subject to satisfaction of customary closing conditions.

Commenting on C and C, the company said it has been involved in the construction of electrical transmission lines in Florida since 1989, with annual revenue of about $15 million in 2012. The purchase price for all the stock of C and C is $7,250,000 in cash, subject to certain adjustments as provided in the Stock Purchase Agreement. The purchase price will be partially funded from borrowings under our recently expanded bank credit line.

Click here to receive FREE breaking news email alerts for Goldfield Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
A ban on athletes using stamina-boosting gases - xenon and argon - came into effect on Monday. The World Anti-Doping Agency (WADA) said Hypoxia-Inducible Factor (HIF) activators Xenon and Argon have been added to the 2014 List of Prohibited Substances and Methods List following the required three-month notice period and UNESCO's communication to all States Parties. A recommendation to revise the British manufacturing growth eased further in August to its lowest level in 14 months as output and demand increased at slower rates, survey results from Markit Economics showed Monday. The Markit/CIPS Purchasing Managers' Index dropped to 52.5 from a revised 54.8 in July. Economists had expected the score to fall to 55.1 from July's original figure of 55.4. Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.