Fiscal 2025. During the first quarter of fiscal 2025, we acquired a telecommunications construction contractor for $16.2 million ($13.0 million purchase price, plus cash acquired of $3.2 million). The acquired company provides construction and maintenance services for telecommunications providers in the midwestern United States. This acquisition expands our geographic presence within our existing customer base.

The purchase price allocation of the acquired company is preliminary and will be completed when valuations for intangible assets and other amounts are finalized within the 12-month measurement period from the date of acquisition.

The following table summarizes the aggregate consideration paid and the estimated fair value of assets acquired and liabilities assumed as of the acquisition date (dollars in millions):


Assets
Cash and equivalents	$	3.2
Accounts receivable	2.2
Property and equipment, net	2.4
Goodwill	3.4
Intangible assets, net	5.4

Total assets	16.6

Liabilities
Accounts payable	0.1
Other accrued liabilities	0.3

Total liabilities	0.4

Net Assets Acquired	$	16.2

The excess purchase price over the estimated fair value of the net assets acquired was recognized as goodwill and totaled $3.4 million. Goodwill and intangible assets total $8.8 million and are deductible for tax purposes. Accounts receivable and current liabilities were stated at their historical carrying value, which approximates fair value given the short-term nature of these assets and liabilities. The estimate of fair value for fixed assets was based on an assessment of acquired assets’ condition as well as an evaluation of the current market value of such assets.

The Company recorded intangible assets based on its preliminary estimate of fair value which consisted of the following (dollars in millions):


	Estimated Useful Life (in years)	Intangible Assets Acquired
Customer relationships	12.0	$	4.7
Backlog intangibles	0.3	0.3
Trade names	10.0	0.4
Total intangible assets acquired		$	5.4

Fiscal 2024. During August 2023, we acquired Bigham Cable Construction, Inc. ("Bigham"), for $131.2 million ($127.0 million fixed purchase price, plus cash acquired of $8.3 million, less indebtedness of $4.1 million). Bigham provides construction and maintenance services for telecommunications providers in the southeastern United States. This acquisition expands our geographic presence within our existing customer base.

The purchase price allocation of Bigham is preliminary and will be completed when valuations for intangible assets and other amounts are finalized within the 12-month measurement period from the date of acquisition.

The following table summarizes the aggregate consideration paid and the estimated fair value of assets acquired and liabilities assumed as of the acquisition date (dollars in millions):


Assets
Cash and equivalents	$	8.3
Accounts receivable	45.8
Other current assets	0.1
Property and equipment, net	9.9
Goodwill	39.4
Intangible assets, net	42.2
Other assets	0.8
Total assets	146.5

Liabilities
Accounts payable	8.3
Other accrued liabilities	2.6
Income taxes payable	4.4
Total liabilities	15.3

Net Assets Acquired	$	131.2

The excess purchase price over the estimated fair value of the net assets acquired was recognized as goodwill and totaled $39.4 million. Goodwill and intangible assets total $81.6 million and are deductible for tax purposes. Accounts receivable and current liabilities were stated at their historical carrying value, which approximates fair value given the short-term nature of these assets and liabilities. The estimate of fair value for fixed assets was based on an assessment of acquired assets’ condition as well as an evaluation of the current market value of such assets.

The Company recorded intangible assets based on its preliminary estimate of fair value which consisted of the following (dollars in millions):


	Estimated Useful Life (in years)	Intangible Assets Acquired
Customer relationships	12.0	$	26.8
Backlog intangibles	3.0	11.6
Trade names	10.0	3.8
Total intangible assets acquired		$	42.2

The valuation of intangible assets for both acquisitions was determined using the income approach methodology. More specifically, the fair values of the customer relationships and the backlog intangibles were estimated using the multi-period excess earnings method, while the trade name was estimated using the relief-from-royalty method. Key assumptions used in estimating future cash flows included projected revenue growth rates, profit margins, discount rates, customer attrition rates and royalty rates among others. The projected future cash flows are discounted to present value using an appropriate discount rate.