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.
by RTT Staff Writer
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