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BRIEF-Quanta Services acquires Stronghold
July 21, 2017 / 11:17 AM / 5 months ago

BRIEF-Quanta Services acquires Stronghold

July 21 (Reuters) - Quanta Services Inc

* Quanta Services acquires Stronghold

* Quanta Services Inc - ‍transaction consideration consists of an upfront payment of approximately $450 million​

* Quanta Services Inc says transaction consideration consists of an upfront payment of approximately $450 million

* Quanta Services Inc - deal ‍comprised of $360 million of cash and 2.7 million shares of Quanta Services common stock valued at approximately $90 million​

* Quanta Services -for remainder of 2017, acquisition of stronghold is expected to generate $6.0 million to $7.5 million of net income attributable to common stock

* Quanta Services-deal includes ‍cash & stock earnout that could provide additional consideration of $100 million if cumulative 3-year EBITDA targets achieved​

* Quanta Services Inc - for remainder of 2017, deal expected to be accretive to co’s GAAP earnings per share attributable to common stock by $0.02 to $0.03

* Quanta Services-Stronghold’s existing management team to remain in place, with Joe Durham continuing in his role as CEO of Stronghold​

* Quanta Services - for remainder of 2017, deal to be accretive to non-GAAP adjusted diluted eps attributable to common stock by $0.06 to $0.07

* Quanta Services Inc - acquisition of Stronghold expected to increase accretion in 2018

* Quanta Services Inc says has completed acquisition of Stronghold Ltd and Stronghold Specialty Ltd Source text for Eikon: Further company coverage:

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