Granite Construction Sells Subsidiary to American Industrial Partners
Ticker: GVA · Form: 8-K · Filed: Jun 7, 2024 · CIK: 861459
Sentiment: neutral
Topics: divestiture, acquisition, strategic-shift
TL;DR
Granite Construction is selling its heavy civil and vertical construction ops to American Industrial Partners, closing Q3.
AI Summary
Granite Construction Incorporated announced on June 6, 2024, that it has entered into a definitive agreement to sell its Granite Construction Company, Inc. subsidiary, which includes its heavy civil and vertical construction operations, to an affiliate of American Industrial Partners. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions.
Why It Matters
This divestiture signifies a strategic shift for Granite Construction, potentially allowing it to focus on its construction materials and solutions business.
Risk Assessment
Risk Level: medium — The sale of a significant portion of its business introduces integration risks and potential impacts on future revenue streams.
Key Numbers
- Q3 2024 — Expected Closing (Timeline for the sale of the subsidiary.)
Key Players & Entities
- Granite Construction Incorporated (company) — Seller
- American Industrial Partners (company) — Buyer
- Granite Construction Company, Inc. (company) — Subsidiary being sold
FAQ
What specific operations are included in the sale of Granite Construction Company, Inc.?
The sale includes Granite Construction Company, Inc.'s heavy civil and vertical construction operations.
Who is the buyer of Granite Construction Company, Inc.?
The buyer is an affiliate of American Industrial Partners.
When is the transaction expected to close?
The transaction is expected to close in the third quarter of 2024.
What are the conditions for closing the sale?
The closing is subject to customary closing conditions.
What is the filing date of this 8-K report?
This 8-K report was filed on June 7, 2024, with the earliest event reported being June 6, 2024.
Filing Stats: 477 words · 2 min read · ~2 pages · Grade level 10.2 · Accepted 2024-06-07 16:18:56
Key Financial Figures
- $0.01 — nge on which registered Common Stock , $0.01 par value GVA New York Stock Exchang
- $325 million — lease announcing its intention to offer $325 million aggregate principal amount of its conve
Filing Documents
- gva20240604_8k.htm (8-K) — 25KB
- ex_683696.htm (EX-99.1) — 23KB
- ex_683697.htm (EX-99.2) — 25KB
- ex_683696img001.jpg (GRAPHIC) — 2KB
- ex_683697img001.jpg (GRAPHIC) — 2KB
- 0001437749-24-019673.txt ( ) — 221KB
- gva-20240606.xsd (EX-101.SCH) — 3KB
- gva-20240606_def.xml (EX-101.DEF) — 11KB
- gva-20240606_lab.xml (EX-101.LAB) — 15KB
- gva-20240606_pre.xml (EX-101.PRE) — 11KB
- gva20240604_8k_htm.xml (XML) — 3KB
01. Other Events
Item 8.01. Other Events. On June 6, 2024, the Company issued a press release announcing its intention to offer $325 million aggregate principal amount of its convertible senior notes due 2030 (the "Notes") in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended. On June 6, 2024, the Company issued a press release announcing the pricing of the Notes. Copies of the press releases are attached as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Launch Press Release dated June 6, 2024 99.2 Pricing Press Release dated June 6, 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GRANITE CONSTRUCTION INCORPORATED Date: June 7, 2024 By: /s/ M. Craig Hall M. Craig Hall Senior Vice President, General Counsel and Secretary