The shareholders of Precision Pipeline, LLC, have sold their investment to MasTec, Inc., a specialty contractor for communications companies, utilities and government agencies throughout the USA. The sale included a payment of US$132 million in cash at the closing and the assumption of US$34 million in outstanding debt, which, together, represented more than twice the initial offer, with a negotiated five-year earnout program.
Precision Pipeline is a leader among construction contractors that build large-diameter transcontinental oil and natural gas pipelines in the United States.
MasTec designs, builds, installs, maintains and upgrades natural gas gathering systems, mid-stream pipelines, processing plants and compression stations. With this acquisition, MasTec becomes a leading pipeline contractor on a national basis, capable of providing end-to-end construction services to oil and gas producers as well as mid-stream and interstate natural gas and petroleum pipeline operators.
Oaklins' team in Dallas, USA, advised the seller in this transaction.
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