CEC Properties Lining Up to Buy First Golf

CEC Properties Inc. of Newport Beach said Tuesday it has agreed to acquire First Golf Corp., a Tempe, Ariz., golf course developer and builder, for as much as $2.2 million in cash and stock. The final price will be determined by First Golf's earnings over the next three years, CEC said.

Directors of both companies still must approve the deal.

First Golf has developed and built 25 golf courses since 1987, and has contracts to develop 11 more courses, said Paul Balalis, chairman, president and chief executive of CEC, which develops golf courses and manages other real estate.