Knife River (KNF) announced that it has entered into a definitive agreement to acquire Strata. Based on Strata's projected 2025 adjusted EBITDA, the purchase price of $454M reflects a multiple in the high single digits. The transaction is expected to close in the first half of 2025, subject to regulatory approval and customary closing conditions. Knife River expects to use cash on hand and the proceeds from the issuance of long-term debt to finance the acquisition.