Friday, November 6, 2009

MasTec to acquire Precision Pipeline, LLC

CORAL GABLES, Fla. - MasTec, Inc. on Nov. 3 announced that it has signed a definitive agreement to acquire Precision Pipeline, LLC, a leading natural gas, crude oil and refined products transmission pipeline infrastructure services provider in North America for a purchase consideration of $150 million.
The transaction is contingent on financing availability on terms and conditions acceptable to MasTec, in its sole discretion, and there is no break-up fee if such financing is not available.
Based in Eau Claire, Wis., Precision specializes in the construction and maintenance of large-diameter pipelines. Precision's experience in the long-haul, interstate pipeline industry will complement MasTec's existing energy infrastructure service offerings, which include natural gas gathering systems, processing plants and compression stations and mid-stream pipelines.
Precision employs a team of skilled unionized workers and tradesmen which it deploys throughout North America and utilizes a significant pool of specialized
pipeline construction equipment.
With the acquisition of Precision, MasTec will become one of the leading pipeline contractors in the country, capable of providing a full array of construction services to oil and gas producers, as well as mid-stream and interstate pipeline operators.

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