Thursday, Sterling Construction Co. Inc. (STRL) completed the acquisition of an 80% ownership interest in Ralph L. Wadsworth Construction Co., headquartered near Salt Lake City, Utah. Sterling paid $64.7 million for the 80% ownership interest in RLW that it purchased from four related individuals, who have retained the remaining 20% interest subject to a put/call arrangement.
The company noted that the acquisition is intended to provide a number of benefits for the company. The benefits include ability for Sterling to expand on RLW's significant experience in design-build delivery, ability to utilize RLW's significant structural construction expertise, expansion of Sterling into Utah, an attractive market with good long-term growth dynamics, a strong and innovative management team with a similar corporate culture and strong financial results that will be immediately accretive to our earnings per share.
Sterling Construction Co. Inc., a heavy civil construction company, through its subsidiaries, engages in the building, reconstruction, and repair of transportation and water infrastructure in Texas and Nevada.
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