Quanta to sell telecommunications business to Dycom for $275 million
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
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Jim Lucy has been wandering through the electrical market for more than 30 years, most of the time as an editor for Electrical Wholesaling, Electrical Marketing newsletter and CEE News. During that time he and the editorial team for the publications have won numerous national awards for their coverage of the electrical business. He showed an early interest in electricity, when as a youth he had an idea for a hot dog cooker. Unfortunately, the first crude prototype malfunctioned and the arc nearly blew him out of his parents' basement. Before becoming an editor for Electrical Wholesaling magazine and Electrical Marketing, he earned a BA degree in journalism and a MA in communications from Glassboro State College, Glassboro, NJ., which is formerly best known as the site of the 1967 summit meeting between President Lyndon Johnson and Russian Premier Aleksei Nikolayevich Kosygin, and now best known as the New Jersey state college that changed its name in 1992 to Rowan University because of a generous $100 million donation by N.J. zillionaire industrialist Henry Rowan. Jim is a Brooklyn-born Jersey Guy happily transplanted in the fertile plains of Kansas for the past 20 years.