ACQUISITIONS: MasTec Pays $150 Million for Precision Pipeline
MasTec Inc. has signed a definitive agreement to acquire Precision Pipeline, 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 is a leading energy infrastructure services provider, specializing 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, compression stations and mid-stream pipelines.
With the acquisition of Precision, MasTec will become one of the leading pipeline contractors in the United States, capable of providing a full array of construction services to oil and gas producers, as well as mid-stream and interstate pipeline operators.
