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.
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 527 projects with a total value of $1,552,331,732 that Reed Construction Data Building Reports reported on Friday.
$120,000,000 Oakville ON Tenders
$48,225,000 Etobicoke ON Prebid
$40,000,000 Ottawa ON Negotiated
- CCA96th: Unlocking Canada's Potential
- VIDEO: LiUNA Local 183 Training Centre introduces new programs
- Wins delivered on infrastructure front: Rizzardo
- Behind the Velodrome’s Veil
- Ontario’s prompt payment bill needs work but supported
- Southwest L-evation
- Post-bid clarifications make feds liable for bid repair
- Panama Construction Fact for Today
- Ritchie Bros. hold first Canadian auction of 2014
- Skilled labour needs changing in Saskatchewan
- Quebec’s construction momentum ebbs after 15 years of expansion
- VIDEO: Canadian Construction Association conference Panama preview
- Concerns raised about P3 approach for Saskatchewan schools
- Journal of Commerce Preview for the week of March 10th, 2014
- Wood Design Awards
- Lone bidder prepares P3 proposal for Alberta schools
- Outgoing chair reflects on time at the helm of the CCA
- School board asks for traditional procurement
- Site Services in Vancouver
- Looking to improve contract awards
- Environmental verdict riles Taseko
- Prentice to mediate First Nations agreements
- CAWIC funded to create action plan to attract women
- More video surveillance used on construction sites
- Modular workforce housing meets Alberta Building Code standard
- Manitoba outlines infrastructure plan
- BC Hydro posts RFQ for Site C project