08:07 AM EST, 12/20/2024 (MT Newswires) -- Knife River (KNF) said Friday it has agreed to acquire Strata Corporation, a provider of construction materials and contracting services, for $454 million.

The company said the purchase price reflects a multiple in the high single digits based on Strata's projected 2025 adjusted EBITDA.

The transaction is expected to close in H1 2025 and would be financed using cash on hand and proceeds from long-term debt issuance, it added.