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Tutor Perini Acquires GreenStar Services - Quick Facts

Tutor Perini Corp. (TPC) announced that it has acquired GreenStar Services Corporation, one of New York's largest providers of Electrical and Mechanical services and systems.

Under the terms of the transaction, Tutor Perini acquired GreenStar through a merger with a wholly-owned subsidiary of Tutor Perini for an initial purchase price of $208.4 million, plus a structured earnout based on the achievement of certain profitability targets over the next five years. The purchase price consists of $100 million in cash paid at closing, a $74.9 million promissory note issued at closing and $33.5 million of holdbacks to secure certain indemnification obligations. The note is payable no later than October 31, 2011.

In a separate Press release, Tutor Perini announced that it has completed the acquisition of Lunda Construction Company. Under the terms of the transaction, Tutor Perini acquired 100% of Lunda's stock for $163.5 million, consisting of $141.8 million in cash at closing and $21.7 million in notes payable in five years, plus a structured earnout based on the achievement of certain profitability targets for the next three years.

Lunda will continue to operate under the current company name and will continue to be managed by its current senior management team, with Larry Lunda remaining as President and CEO, the company said.

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