I-83 Mount Rose project: Parent company of contractor on delayed project could be sold
Tutor Perini Corp, the parent company of the contractor working on the much-criticized Interstate 83 Mount Rose project, is in talks to be acquired by another company.
Reuters recently reported that private equity firm Apollo Global Management Inc. has made a nearly $1 billion offer for the construction company.
Tutor Perini, in a news release this week, said a special committee "is engaged in discussions regarding a potential transaction for the acquisition" of the company.
Work on the Mount Rose interchange could extend into next year, acting state Department of Transportation Secretary Yassmin Gramian said during a recent budget hearing. The project originally was expected to be finished by Nov. 12, 2018.
PennDOT and the contractor, Cherry Hill Construction of Jessup, Md., have been locked in a legal battle over the delays.
It's not clear how a potential acquisition of Tutor Perini might impact the project.
"We do not anticipate any impacts since our contract is with Cherry Hill Construction," PennDOT spokeswoman Alexis Campbell said in an email.
A spokesman for Tutor Perini did not return an email seeking comment.
The contractor had said that the project was expected to be finished by the third quarter of this year, but now plans to present a new schedule to PennDOT this month.