September 27, 2007
Germany’s Hochtief buys Colorado’s Flatiron for $240 million US
German construction company Hochtief AG, already a major player in the U.S., is buying Colorado-based Flatiron Construction Corp. for US$240 million.
Flatiron, based in Longmont, Colo., is owned by the Netherlands’ Royal BAM Group.
The deal is subject to antitrust approval, and Hochtief said it would pay $1 million per month in interest from July 1 until the deal closes. It expects to include the company in its consolidated financial reports in the fourth quarter.
In a statement, Hochtief said it is already a major general builder in the U.S. with its Turner subsidiary.
It said the deal for Flatiron will give it a presence in the “field of civil engineering with an important company and profit from the USA’s upcoming multibillion programs of investment into infrastructure.”
It added that it expects “a wealth of synergies which, in addition, will have a positive effect on profit.” It did not elaborate.
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