Acquisitions

12 Months Ended

Jan. 25, 2020

Fiscal 2019. During March 2018, we acquired certain assets and assumed certain liabilities of a provider of telecommunications construction and maintenance services in the Midwest and Northeast United States for a cash purchase price of $20.9 million, less a working capital adjustment estimated to be $0.5 million. This acquisition expands our geographic presence within our existing customer base.

Fiscal 2017. During March 2017, we acquired Texstar Enterprises, Inc. (“Texstar”) for $26.1 million, net of cash acquired. Texstar provides construction and maintenance services for telecommunications providers in the Southwest and Pacific Northwest United States. This acquisition expands our geographic presence within our existing customer base.

Purchase Price Allocations

The purchase price allocations of each of the 2019 and 2017 acquisitions were completed within the 12-month measurement period from the dates of acquisition. Adjustments to provisional amounts were recognized in the reporting period in which the adjustments were determined and were not material.

The following table summarizes the aggregate consideration paid for businesses acquired in fiscal 2019 and fiscal 2017 (dollars in millions):



	2019		2017
Assets
Accounts receivable	$	5.6	$	8.9
Contract assets	—		2.4
Inventories and other current assets	0.2		0.2
Property and equipment	0.5		5.6
Goodwill	4.0		10.1
Intangible assets - customer relationships	12.3		9.8
Intangible assets - trade names and other	—		0.7
Total assets	22.6		37.7

Liabilities
Accounts payable	2.2		3.2
Accrued and other current liabilities	—		3.4
Deferred tax liabilities, net non-current	—		5.0
Total liabilities	2.2		11.6

Net Assets Acquired	$	20.4	$	26.1

The goodwill associated with the stock purchase of Texstar is not deductible for tax purposes. Results of businesses acquired are included in the consolidated financial statements from their respective dates of acquisition. Contract revenues and net income of these acquisitions were not material during fiscal 2020, fiscal 2019, the 2018 transition period, or fiscal 2017.