MYR GROUP INC. (NASDAQ:MYRG) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01 Completion of Acquisition or Disposition of Assets.
On July 2, 2018, MYR Group Inc. (the “Company”) completed the acquisition of substantially all of the assets of Huen Electric, Inc., an electrical contracting firm based in Illinois, Huen Electric New Jersey Inc., an electrical contracting firm based in New Jersey, and Huen New York, Inc., an electrical contracting firm based in New York, (collectively, the “Huen Companies”). The Huen Companies will expand our commercial and industrial electrical construction capabilities under the Company’s C&I segment in Illinois, New Jersey and New York. The total consideration paid was approximately $47.1 million, subject to working capital and net asset adjustments. Additionally, there could also be contingent payments based on the successful achievement of certain performance targets.
Item 7.01. Regulation FD Disclosure.
On July 3, 2018, the Company issued a press release announcing the acquisition of substantially all of the assets of the Huen Companies, a copy of which is included as Exhibit 99.1 hereto and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
Any financial statements required to be filed in response to this Item 9.01(a) with respect to the transactions described in Item 2.01 herein will be filed by amendment to this Current Report on Form 8-K not later than seventy-one calendar days after the due date of this Current Report on Form 8-K.
(b) Pro forma financial information.
Any pro forma financial information required to be filed in response to this Item 9.01(b) with respect to the transactions described in Item 2.01 herein will be filed by amendment to this Current Report on Form 8-K not later than seventy-one calendar days after the due date of this Current Report on Form 8-K.
(d) Exhibits.
| 99.1 | MYR Group Inc. Press Release, dated July 3, 2018 |
MYR GROUP INC. ExhibitEX-99.1 2 tv497896_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 MYR Group Acquires The Huen Electric Companies Rolling Meadows,…To view the full exhibit click here
About MYR GROUP INC. (NASDAQ:MYRG)
MYR Group Inc. is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. The Company provides a range of services, which include design, engineering, procurement, construction, upgrade, maintenance and repair services, with a particular focus on construction, maintenance and repair. The Company also provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States.
