logo
Share SHARE
FONT-SIZE Plus   Neg

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

The Goldfield Corp. (GV) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
French telecommunications operator Orange SA reported Thursday higher net profit in its fiscal year 2016 mainly on income from discontinued operations. Operating income, meanwhile, declined, despite increased revenues. For fiscal 2017, the company projects higher adjusted EBITDA, a key earnings metric. Fast-food giant McDonald's plans to offer big discounts on its sodas and coffee, aiming to meet the declining customer visits, Bloomberg reported Wednesday. The company is likely to offer $1 sodas of any size for a limited time starting in April across the U.S. Further, McCafe specialty drinks, which normally range from $2.69 and $4, will be sold for $2 for a limited time. Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a loss for the fourth quarter that was narrower than last year. The company said it expects to start volume production of Model 3 by September. Palo Alto, California-based Tesla reported fourth-quarter loss of $121.3 million or $0.78...
comments powered by Disqus
Follow RTT