Perini buys Tutor-Saliba for US$ 862 million

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.”