Quanta Services Completes Acquisition of Stronghold

Quanta Services said Friday that it has completed the acquisition of Stronghold, Ltd. and Stronghold Specialty, Ltd., a specialized services company that provides high pressure and critical path solutions to the downstream and midstream energy markets. Stronghold’s operations will be reflected in Quanta’s Oil and Gas Infrastructure services segment.

The transaction consideration consists of an upfront payment of $450 million, comprised of $360 million of cash and 2.7 million shares of Quanta Services common stock valued at $90 million, with a cash and stock earnout that could provide maximum additional consideration of $100 million if cumulative three-year EBITDA targets are achieved.

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