EMCOR rises after deal to acquire Miller Electric Company
14/01/2025 14:18
** Shares of EMCOR Group EME.N rise 5.2% to $492 in
premarket trading
** Construction and engineering firm announces deal to
acquire Miller Electric Company for $865 mln in cash
** Tony Guzzi, Chairman, President, and Chief Executive
Officer of EMCOR said the transaction "enables us to enhance our
'local execution, national reach' strategy as we broaden our
overall construction services platform"
** Co expects Miller Electric to generate ~$805 mln in
revenue and ~$80 mln in adjusted EBITDA in 2024
** Co forecasts annual revenue of $80 mln
** Majority of brokerages rate the stock "buy" or higher;
their median PT is $525
** Up to last close, EME stock had risen 3.1% YTD
(Reporting by Nikhil Sharma in Bengaluru)
((Nikhil.Sharma@thomsonreuters.com))