Framingham construction firm Perini Corp. has completed the acquisition of its CEO’s private company Tutor-Sabila Corp.
The two companies, both headed by Ronald N. Tutor, began merger talks in April.
Financial terms of the acquisition were not disclosed. In its annual meeting presentation filed with the U.S. Securities and Exchange Commission Friday, Perini reports first half revenue of $2.6 billion. Revenue for the combined companies for the same period was $3.4 billion.
In the acquisition, Perini issued nearly 23 million shares of its common stock to the former Tutor-Sabila shareholders. CEO Ronald Tutor is the principal shareholder of Tutor-Sabila. This morning, Perini stock was trading at $25.52.
The merger is the subject of a class action lawsuit that claims Perini’s board of directors agreed to financial terms that were unfair to Perini shareholders and that the company’s proxy statement provided inadequate information about the merger.
Last month, a judge denied a request for expedited proceedings in the class action suit.
