US-based leading civil and building construction company Tutor Perini Corporation has announced that it has completed the acquisition of a 100 percent stake in Houston, Texas-based Fisk Electric Company (Fisk), a privately-held electrical construction company, for $105 million in cash plus an amount to be determined based upon Fisk's operating results for 2011-2013.
Fisk covers many of the major commercial and industrial electrical construction markets in southwest and southeast US locations with abilities to cover other attractive markets across the US. Fisk's 2010 fiscal year revenues amounted to approximately $305 million, while its backlog amounts to $190 million.
Fisk is expected to operate as a wholly-owned subsidiary of Tutor Perini Corporation and will continue to be managed by its current senior management team.