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.
© 2019 Oaklins. All rights reserved. Oaklins is the collective trade name of independent member firms affiliated with Oaklins International Inc. For details of the nature of affiliation, please refer to www.oaklins.com/legal.