MasTec To Acquire Precision Pipeline

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Coral Gables, FL-based MasTec Inc. has signed a definitive agreement to acquire Precision Pipeline LLC for a purchase consideration of $150 million, subject to certain purchase price adjustments and an earnout. 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, WI, Precision is a leading energy infrastructure services provider, specializing in the construction and maintenance of large diameter pipelines.
  Jose Mas, MasTec’s president and CEO said, “With the acquisition of Precision, we will significantly expand our capabilities in the natural gas, crude oil and refined petroleum product pipeline industries, which we believe will be solid areas of growth for years to come.”
  MasTec expects to close the transaction sometime before the end of the fourth quarter.