Quanta Services Inc. (PWR) announced the closing on October 1, 2009 of the acquisition of Price Gregory Services Inc., a transmission pipeline infrastructure service provider. In connection with the acquisition, Quanta issued about 10.9 million shares of Quanta common stock and paid abut $96 million in cash to the stockholders of Price Gregory Services.
In conjunction with the acquisition, Quanta has formed a new division called the Natural Gas and Pipeline Division and appointed Earl "Duke" Austin, Jr. president and Paul Daily executive vice president of this new division. Price Gregory Services will become part of this new division, and Thomas White will serve as president of Price Gregory Services with responsibility for its transmission pipeline operations and facility services.
In September, Quanta Services agreed to acquire Price Gregory Services Inc. in a cash and stock transaction valued at about $350 million.
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