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March 14, 2010
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MasTec completes acquisition of Wanzek Construction of Fargo
2008-12-19 07:51:00
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MasTec said Wednesday that it has completed its previously disclosed acquisition of Fargo, N.D.-based wind energy company Wanzek Construction.
The Coral Gables, Fla.-based specialty contractor also said it expects 2009 earnings per share to be between $1.05 and $1.15 on revenue of $1.95 billion to $2 billion.
The Wanzek acquisition included a $50 million cash payment, 7.5 million shares of MasTec common stock, seller financing through a $55 million convertible note, the assumption of $15 million of Wanzek's debt and a two-year earnout equal to 50 percent of Wanzek's EBITDA in excess of $40 million a year.
Minneapolis-based Greene Holcomb & Fisher advised Wanzek on the deal.
Wanzek also builds natural gas processing facilities, so the deal extends MasTec's presence in the growing alternative energy and infrastructure construction business.
MasTec shares were up 64 cents to $9.79 in afternoon trading. The 52-week high was $15.74 on Aug. 11. The 52-week low was $5.55 on Nov. 21.
The Coral Gables, Fla.-based specialty contractor also said it expects 2009 earnings per share to be between $1.05 and $1.15 on revenue of $1.95 billion to $2 billion.
The Wanzek acquisition included a $50 million cash payment, 7.5 million shares of MasTec common stock, seller financing through a $55 million convertible note, the assumption of $15 million of Wanzek's debt and a two-year earnout equal to 50 percent of Wanzek's EBITDA in excess of $40 million a year.
Minneapolis-based Greene Holcomb & Fisher advised Wanzek on the deal.
Wanzek also builds natural gas processing facilities, so the deal extends MasTec's presence in the growing alternative energy and infrastructure construction business.
MasTec shares were up 64 cents to $9.79 in afternoon trading. The 52-week high was $15.74 on Aug. 11. The 52-week low was $5.55 on Nov. 21.
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