Primoris Services (PRIM) said Tuesday that has agreed to acquire electrical contracting and engineering company PayneCrest Electric in an all-cash deal worth $422 million.

The company said the $422 million includes $400 million funded through borrowings under an amended credit agreement with its bank group.

Primoris expects the deal to close in Q2.

Shares of Primoris were up 2.1% pre-bell.