CEC Buying Developer

CEC Properties Inc., which develops golf courses and manages other real estate, said Tuesday that it has agreed in principle to acquire privately held Blue T Golf Inc., an Omaha golf course developer, in a stock transaction.

CEC said it expects 400,000 shares to be delivered to Blue T with the possibility of additional shares being issued in two years should the price of CEC stock fall below $2.50 per share. The transaction is expected to close within 60 days.