Newport’s CEC Properties Buys First Golf

CEC Properties Inc. of Newport Beach said it has completed its acquisition of First Golf Corp., a Tempe, Ariz., developer and builder of golf courses, for cash and stock. The final price is to be determined by First Golf’s earnings over the next three years.

First Golf, which has built more than 25 courses since 1987, becomes a wholly owned subsidiary of CEC Properties, a golf services company. First Golf has contracts to build nine courses, three of which are under construction.