DBMG - HC2's DBM Global to acquire Banker Steel

HC2's (HCHC) core infrastructure business DBM Global (DBMG) inked an agreement to acquire a 100% interest in Lynchburg, Virginia-based Banker Steel (part of Atlas family of companies), provider of fabricated structural steel and erection services primarily for the East Coast and Southeast commercial and industrial construction market.The transaction, which is expected to substantially increase DBM's revenue and EBITDA, expands DBM's footprint nationwide and further strengthens its position as a preeminent company in the steel fabrication and erection companies field."Infrastructure spending in America is poised for substantial growth. The acquisition of Banker Steel greatly enhances the ability of DBM to take increased advantage of substantial infrastructure and commercial opportunities at a critical time," HC2 CEO Wayne Barr, Jr. commented.Transaction is expected to close during Q2.Shares trading 0.27% higher premarket.

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HC2's DBM Global to acquire Banker Steel