MasTec may issue convertibles to fund Wanzek Construction acquisition

By Angela McDaniels

Tacoma, Wash., Oct. 6 - MasTec, Inc. may be looking to issue convertible debt, according to a company news release.

The company said it agreed to acquire Wanzek Construction, Inc. and is reviewing its financing options, including equity and equity-linked alternatives.

MasTec will pay $200 million in cash for Wanzek and assume $15 million of the company's debt.

"We anticipate significant revenue growth over the next few years as Wanzek continues to support the expansion of wind power, an important and growing source of domestic, renewable energy," MasTec president and chief executive officer Jose Mas said in the release.

MasTec is a Coral Gables, Fla.-based specialty contractor. Wanzek is a heavy industrial contractor based in Fargo, N.D.

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