BUZZ-EMCOR rises after deal to acquire Miller Electric Company

Reuters

Jan 14, 2025

** 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))

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