Quanta Services closes Price Gregory acquisition

Quanta Services closes acquisition of pipeline builder Price Gregory Services

• On 11:42 am EDT, Friday October 2, 2009

HOUSTON (AP) -- Electric utility contractor Quanta Services Inc. said Friday it has closed its acquisition of Price Gregory Services Inc.

As part of the purchase, Quanta issued 10.9 million common shares and paid $96 million in cash to shareholders of the pipeline infrastructure services provider, which it hopes will gain Quanta entry into the natural gas pipeline industry.

As part of the acquisition, Quanta said it formed a new natural gas and pipeline division. Earl C. Austin Jr., former president of the Quanta company North Houston Pole Line, was named president of the unit. Paul M. Daily, president of Quanta's InfraSource Underground Services LLC, was appointed executive vice president.

Quanta first announced the acquisition in early September.

Quanta shares fell 19 cents to $21 in morning trading on Friday.