Perini buys Tutor-Saliba for US$ 862 million

By Steve Skinner10 September 2008

Ron Tutor

Ron Tutor

Perini has announced it has acquired the privately-held Tutor-Saliba Corporation for US$ 862 million after 88% of its shareholders approved the move.

The combined company has a pro-forma backlog in excess of US$ 9 billion and over US$ 40 billion of targeted projects.

Perini and Tutor-Saliba have worked on joint-venture projects for over 30 years and the acquisition has been structured as a tax-free, all stock merger.

The transaction is expected to be completed during the third quarter of 2008, and up to completion both companies will continue working independently.

Commenting on the transaction, Michael Klein, lead director of Perini said, “By combining, growing and diversifying the best talent of both companies, this transaction will create the premier publicly-traded general contractor in the US and overseas.”

“This transaction represents a major milestone in the histories of both Perini and Tutor-Saliba,” said Ron Tutor, CEO of Tutor-Saliba. “It completely aligns the common business interests of both companies into a single, focused competitor, and secures best-in-class management and operating practices to enhance future growth and earnings.”

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Construction Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Longer Reads
Meeting different requirements in falsework and formwork
Innovation is driving some of the world’s most ambitious infrastructure projects but how are those in the falsework and formwork sector keeping up? Catrin Jones investigates
Online exclusive: Epiroc R&D experts on alternative power, testing, and more
The R&D team at Epiroc talk about what projects they are working on, the testing process and what’s next for the construction industry 
Versatile compact loaders
International Construction looks at innovation in compact loaders
CONNECT WITH THE TEAM
Andy Brown Editor, International Construction Tel: +44 (0) 1892 786 224 E-mail: andy.brown@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA