Shearman & Sterling advised Granite Construction Incorporated in connection with its divestiture, through its subsidiaries, of its Inliner business to Inland Pipe Rehabilitation LLC, an investment affiliate of J.F. Lehman & Company. IPR will pay Granite $159.665 million in cash, subject to customary adjustments. The transaction, which is subject to customary closing conditions, is anticipated to close in two to four months.
Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure and mineral exploration markets.
The Shearman & Sterling team below included associates Jacquelyn Watson (New York-Compensation, Governance & ERISA) and Eugene Kim (Washington, D.C.-Tax).