Primoris (PRIM) To Acquire Willbros, Boost MSA Revenues
Zacks Investment Research | Mar 28, 2018 10:22PM ET
Primoris Services Corporation (NASDAQ:PRIM) recently entered into a definitive merger agreement to acquire Willbros Group, Inc. (NYSE:WG) — a specialty energy infrastructure contractor — for an enterprise value of about $100 million. The buyout will strengthen Primoris’ business and boost revenues as well as profitability.
About Willbros
Headquartered in Houston, TX, Willbros serves the oil & gas and power industries through three operating segments — Utility Transmission and Distribution (“UTD”), Oil & Gas and Canada. The company’s infrastructure services platform provides a diverse base of utility, natural gas, and renewable customers with comprehensive engineering, construction, maintenance, repair, along with restoration solutions.
Details of the Buyout
Primoris will pay 60 cents per share to buy all outstanding shares of Willbros and will settle existing debt obligations. Primoris will provide up to $20 million of bridge financing to Willbros to support its working capital requirements until the closure of the deal. Primoris intends to finance the transaction through cash and existing credit facilities. The acquisition is expected to close during the second quarter of 2018.
Primoris Services Corporation Price
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