MasTec to Acquire Henkels and McCoy for USD 600m.
MANews-(C)2009-2021
Florida, US-based infrastructure engineering and construction company MasTec, Inc. (NYSE: MTZ) has agreed to acquire Pennsylvania, US-based private electrical power transmission and distribution utility services firm Henkels and McCoy for USD 600m, the company said.
Of the total transaction consideration, approximately USD 420m will be in cash (including the repayment of Henkels' debt) plus approximately 2m shares of MasTec common stock, subject to customary purchase price adjustments.
Cash will be provided by MasTec's cash on hand as well as borrowing under its existing unsecured credit facility. MasTec anticipates that post-acquisition leverage metrics will remain comfortably within its target range with ample liquidity.
Founded in 1923, Henkels has been in operation for over 98 years, with approximately USD1.5 bn in fiscal 2021 revenue primarily with long tenured relationships across a diverse blue chip customer base, with expansive geographic operations...
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