MYR Group to acquire Valley Electric and Comet Electric for $328M

MYR Group Inc. (NASDAQ:MYRG) has agreed to acquire all outstanding capital stock of Valley Holdings Inc and its subsidiaries, including Valley Electric Company and Comet Electric, for approximately $328 million, expanding the specialty contractor's footprint in the Western US and Southern California. The Thornton, Colorado-based electric utility infrastructure and commercial construction contractor will fund the purchase through a combination of cash on hand and borrowings under its revolving credit facility, with the consideration subject to net asset and other post-closing purchase price adjustments.