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Quanta Services definitive agreement to sell telecom units to Dycom for $275M

Quanta Services (PWR), announced that it has entered into a definitive agreement to sell its telecommunications subsidiaries to Dycom Industries (DY) for approximately $275M in cash, subject to final adjustments. The subsidiaries included in the transaction comprise substantially all of Quanta's domestic telecommunications infrastructure services operations. Quanta intends to use the proceeds of the transaction to support its ongoing strategic growth initiatives primarily associated with electric power and pipeline infrastructure and for general corporate purposes. The required waiting period under the Hart-Scott Rodino Act has expired, and subject to customary conditions, the transaction is expected to close by December 31.