Sterling Infrastructure, Inc. (NASDAQ:STRL)

STRL ($8.88) announced it completed its previously announced acquisition of Tealstron Construction for approximately $85 million. Management stated:

“We are excited about this transaction on many different levels. We view the acquisition of Tealstone as the next step in transforming the Company. In addition to its revenue and income, it is key to advancing our strategy of expanding into adjacent markets. The strong talent of the Tealstone management team and the relationships they have established with their customers will allow for growth opportunities with their existing customers into our other markets. Tealstone’s expertise also allows for further expansion of our commercial projects in the Texas market, the ability to lever commercial business with our airport efforts while also allowing for further diversification into the private sector. We worked hard to close this transaction in a timely manner, and will now move quickly to realize the true potential of Tealstone as a part of the Sterling team. We intend to update our previous guidance to incorporate Tealstone when we announce our first quarter results in early May. Based on the timing of the transaction, we intend to incorporate 8 months of operating results in our full year consolidated results.”