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Quanta Services acquires InfraSource in all-stock transaction
By Lisa Kerner
Charlotte, N.C., Aug. 30 - Quanta Services, Inc. completed the acquisition of InfraSource Services, Inc. through an all-stock merger following approval of the deal by InfraSource stockholders on Thursday. InfraSource is now a wholly owned subsidiary of Quanta and will cease trading publicly.
The March 18 merger agreement gives InfraSource stockholders total consideration equal to 1.223 shares of Quanta common stock, or about $30.13, for each outstanding share of InfraSource common stock.
Quanta stockholders, at a separate meeting, approved the issuance of additional shares so that 50.2 million shares of Quanta common stock can be issued to InfraSource stockholders.
Three InfraSource directors, David R. Helwig, Frederick W. Buckman and J. Michal Conaway, joined the Quanta board.
It was previously reported that the merger will create a company providing specialized contracting services to the electric power, natural gas, telecommunications and cable television industries.
"This acquisition enhances our engineering, distribution and transmission capabilities, substation construction services, gas distribution capabilities and industrial service offerings and adds a unique dark fiber leasing business," chairman and chief executive officer John R. Colson said in a company news release.
"With a skilled, mobile workforce of 16,000 employees, the largest equipment fleet in the industry, innovative technologies and proprietary methodologies, we are better positioned to meet the growing demands of our customers."
InfraSource is a Media, Pa., specialty contractor and Quanta is a specialty contracting services provider located in Houston.
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