Granite Completes Acquisition of Layne Christensen

WATSONVILLE, Calif. & THE WOODLANDS, Texas--(BUSINESS WIRE)--Granite (NYSE:GVA) today announced that it has completed its acquisition of Layne Christensen Company (NASDAQ:LAYN), a leading global water management, infrastructure services and drilling company, for final consideration of approximately $536 million1, including the assumption of net debt. The completion of the transaction follows the satisfaction of all closing conditions, including approval of the merger by Layne stockholders. Under the terms of the Merger Agreement, Layne shareholders are to receive 5.62 million shares of Granite stock representing approximately 12% of Granite’s outstanding shares on a post-close basis. As part of the final consideration, Granite paid $28.7 million in cash to settle outstanding restricted stock units and assumed net debt with a market value of $180.5 million.