LONGMONT, CO-Flatiron Construction Corp., a locally based builder of highways, bridges and other infrastructure throughout North America is changing hands for upwards of $243 million. Netherlands-based Royal BAM Group is selling the company to Hochtief Aktiengesellschaft of Essen, Germany.

The purchase price is US$240 million plus US$1 million in interest per month (starting July 1, 2007) until the transaction reaches financial close, which is expected sometime in the fourth quarter, upon approval from cartel authorities. In 2006, Flatiron generated annual revenues of approximately US$626 million.

For Hochtief, already the No. 1 general builder in the US via its subsidiary Turner Construction, the acquisition gives it a significant presence in the field of civil engineering that will allow it to profit from this nation's multi-billion investment in its infrastructure. Combined with Hochtief's existing businesses, the acquisition also will allow the company to gain a foothold in the growing public-private partnership market in the US and Canada.