Dycom Industries, Inc., Palm Beach Gardens, Fla., plans to acquire all of Quanta's domestic telecommunications infrastructure services subsidiaries for approximately $275 million in cash. The acquired subsidiaries provide specialty contracting services, including engineering, construction, maintenance and installation services to telecommunications providers, and other construction and maintenance services to electric and gas utilities and others. Principal business facilities are located in Arizona, California, Florida, Georgia, Minnesota, New York, Pennsylvania and Washington.
In a press release announcing the acquisition, Jim O'Neil, president and chief executive officer of Quanta Services, said, "Significant electric power infrastructure investments are anticipated in North America and worldwide over the next several years, and the development of North American energy resources from conventional and unconventional formations will require major infrastructure expansion. This transaction enables Quanta to further strategically focus on energy infrastructure markets, which we believe will undergo substantial development in the coming years. Dycom Industries is a leader in the telecommunications infrastructure industry, and we are pleased that our telecommunications infrastructure services employees will be part of a high-quality organization once this transaction is completed." Details