Publicly traded specialty construction and infrastructure company Primoris Services has acquired Willbros Group, a specialty energy infrastructure contractor.
Image: Primoris Services makes new acquisition. Photo: Photo by rawpixel on Unsplash.
The Willbros Utility Transmission & Distribution (T&D) segment is now a new segment for Primoris, while the Willbros Canada segment is part of Primoris’ Power, Industrial, & Engineering segment and the Willbros Oil & Gas segment is part of Primoris’ Pipeline & Underground segment.
David King, President and Chief Executive Officer of Primoris, commented, “This acquisition marks an exciting new chapter for Primoris. The T&D business provides Primoris with another avenue of growth, the Canadian operating centers expand our services into Western Canada, and the Oil & Gas Facilities business enhances offerings in our existing markets. We are pleased to welcome the Willbros employees to the Primoris family, and we look forward to working together to create additional value for our shareholders.”
Willbros stockholders approved the acquisition at a Special Meeting of Stockholders on May 31, 2018. After determining that all of the conditions set forth in the Merger Agreement dated March 27, 2018, had been met, Primoris completed the transaction. Accordingly, Willbros is now a wholly owned subsidiary of Primoris, and its common stock is no longer publicly traded.
Primoris will provide updated 2018 calendar year earnings guidance, including the anticipated impact of the Willbros acquisition, as part of its second quarter earnings release in early August 2018.
Source: Company Press Release