Friday, July 4, 2014
MasTec Expands Canadian Oil Sands Presence with Acquisition of Pacer Construction and Increases its Senior Secured Credit Facility to $1 Billion
[PR Newswire] - CORAL GABLES, Fla., June 30, 2014 /PRNewswire/ -- MasTec, Inc. (MTZ) today announced that it has acquired Pacer Construction Holdings Corporation and its affiliated operating companies (collectively, "Pacer"). Pacer is a leading contractor in Western Canada, focusing on infrastructure construction supporting the oil and gas production/processing, mining and transportation industries. Pacer is headquartered in Calgary, Alberta, Canada and also has a strong presence in, among other locations, Fort McMurray, Fort McKay and Edmonton, Alberta and Regina, Saskatchewan. MasTec acquired all of the issued and outstanding equity interests of Pacer for approximately $126 million in cash plus a 5-year contingent earn-out.
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