Sterling Infrastructure, Inc. announced it has signed a definitive agreement to acquire substantially all of the assets of CEC Facilities Group, LLC, a leading specialty electrical and mechanical contractor based in Irving, Texas. The upfront purchase price at closing totals $505 million, consisting of $450 million in cash and $55 million in Sterling Common Stock. An additional earn-out opportunity is contingent upon achieving certain operating income targets through December 31, 2029.
The acquisition is strategically important as it expands Sterling's suite of E-Infrastructure services into mission-critical electrical contracting, particularly for data centers and advanced manufacturing projects. CEC will join Sterling's E-Infrastructure Solutions segment, enhancing the company's ability to offer more integrated solutions and accelerate project timelines for customers.
The Boards of Directors of both companies have unanimously approved the transaction, which is expected to close in the third quarter of 2025, subject to customary closing conditions including regulatory approvals. CEO Joe Cutillo expressed enthusiasm for the combination, highlighting CEC's strong customer relationships and history of excellent growth, execution, and profitability.
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