Sterling Infrastructure (NASDAQ:STRL) has signed a definitive agreement to purchase substantially all of the assets of Irving, Texas-based CEC Facilities Group.
The upfront purchase price at closing totals $505 million, consisting of $450 million in cash and $55 million in Sterling (NASDAQ:STRL) common stock.
Additionally, CEC has an earn out opportunity contingent upon achieving certain operating income targets through December 31, 2029.
CEC will join Sterling’s E-Infrastructure Solutions segment.
The transaction is expected to close in the third quarter of 2025.
