September 9, 2019
Quanta Services Announces Strategic Acquisitions
Quanta Services, Inc. (NYSE: PWR) announced today that it has completed the acquisition of The Hallen Construction Co., Inc. (Hallen), a leading and sizeable gas utility contractor serving key strategic markets in the northeast United States.
Founded in 1927 and headquartered in Plainview, New York, Hallen has strong customer relationships with leading utilities in its markets, primarily providing gas distribution and transmission services and, to a lesser extent, underground electric distribution and transmission services. Over the past several years, Hallen has achieved solid organic revenue and profit growth by leveraging its operational excellence and working collaboratively with its customers. Additionally, Quanta recently completed the acquisition of two specialty utility foundation and pole-setting contractors serving the southeast United States. The aggregate consideration paid for these companies was approximately $330 million, consisting of approximately $328 million in cash, subject to working capital adjustments, and approximately $2 million in stock.