FTE Networks, Inc. (OTCQX: FTNW) has inked an agreement to join forces with privately held Benchmark Builders, Inc., the company said.
The transaction will enable FTE to deliver integrated network services, cutting-edge technology, and construction management services on the largest and most complex projects, from conception to completion.
Benchmark is a premier construction management services firm and general contractor, with a powerful industry brand and strong presence in the New York City metropolitan market.
Benchmark President Fred Sacramone will continue as President and become a member of the FTE Networks Board. Senior management of Benchmark will remain the same, and the acquisition will provide new opportunities to the employees of both businesses.
FTE will finance the USD 75m transaction with cash, FTE common stock, and new financing. The alliance is expected to close in the second quarter of 2017.
Stifel, Nicolaus & company served as financial advisor and K&L Gates as legal advisor to FTE Networks. Terra Nova Capital served as financial advisor and Prior Cashman as legal advisor to Benchmark.
FTE Networks is on the leading edge of network transformation helping communications service providers, government and enterprise customers evolve their networks to meet advancing technology requirements via network infrastructure, and edge computing solutions to quickly enhance service innovation and deliver new revenue streams.
Benchmark is a New York-based construction manager and general contractor serving a diverse and sophisticated client base in the telecommunications, commercial, industrial, broadcast, technology, infrastructure, healthcare, and education industries.