Quanta Services Inc. signed a definitive agreement to acquire Valard Construction, Edmonton, Alberta, one of Canada’s largest contractors for electric power lines. The transaction, announced that on Oct. 22, is valued at approximately $219 million. Valard stockholders will receive about $118.9 million in cash and about 4.5 million in common and exchangeable shares of Houston-based Quanta stock. Quanta ranked No. 2 on this year’s ENR Top 600 Specialty Contractors list (ENR 11/11 p. 56) with contracting revenue of $3.32 billion in 2009. “We expect Valard’s revenue to be between $225 million and $250 million in 2011,” says John R. Colson, Quanta’s chairman and CEO. Valard will operate as a platform operating unit of Quanta, with Victor Budzinski as CEO and Adam Budzinski as president.
Quanta Services Expands in Canada
October 27, 2010