Coral Gables, Fla.-based specialty contractor MasTec announced that it has signed a definitive agreement to acquire Precision Pipeline of Eau Claire, Wis., a natural gas, crude oil and refined products transmission pipeline infrastructure services provider, for approximately $150 million. According to MasTec, the deal is subject to certain purchase price adjustments and an earnout. The transaction is contingent on financing availability on terms and conditions acceptable to MasTec.
Precision specializes in the construction and maintenance of large diameter pipelines. According to MasTec, for 2009, Precision estimates revenue of slightly less than $300 million.