February 15, 2018 by

Granite Construction to acquire Layne Christensen in stock merger

Granite Construction Inc. (NYSE: GVA) and Layne Christensen Co. (NASDAQ: LAYN) have announced they have entered into a definitive agreement whereby Granite will acquire all of the outstanding shares of Layne in a stock-for-stock transaction valued at $565 million, including the assumption of net debt.

The transaction, which was unanimously approved by the Boards of Directors of both companies, is expected to close in the second quarter of 2018.

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