Sterling Construction To Buy Plateau Excavation - Quick Facts

(RTTNews) - Sterling Construction Company, Inc. (STRL) has agreed to buy Plateau Excavation, Inc. The deal is valued at $400 million with $375 million in cash and $25 million in Sterling stock and seller notes.

Plateau Excavation is a provider of large-scale site infrastructure improvement contracting services. Its 2018 revenues were approximately $290 million. Excluding costs, Sterling expects the deal to be accretive to earnings in the fourth quarter of 2019.

In connection with the deal, Sterling will enter into a credit agreement for a five-year term loan facility.