In the year to 30 September 2007, Barnhart had gross revenues of $530m and operating profits of $17m, with gross assets of $197m. It has a confirmed order book of approximately $1.1bn gross. At financial close, it is anticipated that the company will have a net cash balance in excess of $50m.
The acquisition fee, which will be funded from Balfour Beatty’s own cash resources, is based on a balance sheet with $35m of net assets, with a dollar-for-dollar adjustment against actual net assets acquired. An additional $7m will be paid for incremental tax benefits.