By Lisa Kerner
Charlotte, N.C., March 19 - Quanta Services, Inc. signed a definitive merger agreement to acquire InfraSource Services, Inc. in an all-stock transaction valued at $1.26 billion to create a company providing specialized contracting services to the electric power, natural gas, telecommunications and cable television industries.
Under the agreement, which was approved by both companies' boards of directors, InfraSource stockholders will receive 1.223 shares of Quanta common stock for each outstanding common share of InfraSource, or about $30.13 per share.
Quanta and InfraSource stockholders are expected to own approximately 75% and 25%, respectively, of the combined company, according to a company news release.
InfraSource is a Media, Pa., specialty contractor.
Quanta is a specialty contracting services provider located in Houston.
| Acquirer: | Quanta Services, Inc.
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| Target: | InfraSource Services, Inc.
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| Transaction value: | $1.26 billion
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| Payment per share: | 1.223 shares of Quanta Services stock, or about $20.25
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| Announcement date: | March 19
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| Expected closing: | Upon approvals
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| Stock price for acquirer: | NYSE: PWS; $24.64 on March 16
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| Stock price for target: | NYSE: IFS; $25.66 on March 16
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