Sterling Infrastructure acquires CEC Facilities for $505M in cash and stock

STERLING INFRASTRUCTURE, INC.

Total consideration $505M: $450M cash + 285,275 STRL shares valued at $55M; earn-out up to $80M tied to operating income thresholds.
CEC provides electrical, mechanical, and technological design, construction, and maintenance services across the US.
Closing expected in Q3 2025, subject to HSR waiting period and other customary conditions.
Key employees to enter into 5-year employment agreements; shares subject to 12-18 month lock-up.

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