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

Editors Pick
Amgen reported an increase in second-quarter profit, driven by sales of arthritis drug Enbrel and osteoporosis treatments Xgeva and Prolia, and improved margins. Both earnings and sales topped Wall Street estimates. Electronic Arts Inc. (EA) on Thursday reported an increase in profit for the first quarter, reflecting continued strong digital revenues, with both earnings and revenues topping Wall Street estimates. However, shares of the company fell over 4 percent, after having detailed a weak outlook. Redwood... LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its second quarter loss widened sharply from last year, as higher costs and expenses more than offset a 33% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in well above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
Follow RTT