M&A - STERLING INFRASTRUCTURE, INC.

Form Type: 8-K

Filing Date: 2025-06-18

Corporate Action: Acquisition

Type: New

Accession Number: 000119312525142774

Filing Summary: On June 16, 2025, Sterling Infrastructure, Inc. entered into an Asset Purchase Agreement to acquire substantially all assets of CEC Facilities Group, LLC and its subsidiaries for $505 million. The agreement includes a cash payment of $450 million and issuance of 285,275 shares valued at $55 million. The shares issued will have certain lock-up agreements in place. Additional earn-out payments of up to $80 million may be required based on future operating income thresholds. The acquisition is anticipated to close in the third quarter of 2025, contingent on satisfaction of customary closing conditions and regulatory approvals.

Form Type: 10-Q

Filing Date: 2025-05-06

Corporate Action: Acquisition

Type: New

Accession Number: 000087423825000069

Filing Summary: Sterling Infrastructure, Inc. reported its financial results for the quarter ending March 31, 2025, highlighting revenues of $430,949,000, a slight decrease from $440,360,000 in the same quarter of 2024. The company achieved a gross profit of $94,840,000 with an operating income of $56,076,000. Sterling's net income for the quarter was $39,477,000, translating to a net income per share of $1.29, an increase from $1.00 in the previous year. Notable expenses included $34,631,000 for general and administrative costs and $4,503,000 for intangible asset amortization. Additionally, Sterling completed the acquisition of Drake Concrete, LLC for $25,000,000, with terms including an earn-out opportunity over four years, contributing to the company's Building Solutions segment. Total assets were reported at $2,034,539,000, and total liabilities stood at $1,207,612,000, resulting in total stockholders' equity of $826,927,000.