QUANTA SERVICES, INC. (PWR): M&A transaction — Quanta Services completes $1.5B acquisition of Cupertino Electric; expects 2025 adj. EBITDA contribution of $175-195M

QUANTA SERVICES, INC.

Upfront consideration ~$1.54B: $1.3B cash + 883k shares (~$225M); potential earnout up to $200M.
CEI estimated FY2024 revenue $2.1-2.2B, adj. EBITDA $155-175M; 2025 adj. EBITDA contribution $175-195M, adj. EPS $0.40-0.50.
Acquisition funded with cash on hand, existing credit facility, and new $400M short-term term loan maturing Oct 14, 2024.
CEI adds ~4,300 employees, low-voltage electrical platform, data center and renewables expertise; expected immediately accretive.
CEI management remains; Tom Schott continues as President and CEO; CEI becomes Quanta platform operating company.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

QUANTA SERVICES, INC. completed an acquisition involving Cupertino Electric, Inc. for $1.505 billion (closed 2024-07-17).

Action: acquisition
Counterparty: Cupertino Electric, Inc.
Consideration: $1.505 billion
Closing: 2024-07-17

Exact text from the filing

of CEI were converted into the right to receive certain amounts as set forth in the Merger Agreement. The Estimated Merger Consideration (as defined in the Merger Agreement) is $1.505 billion, subject to certain adjustments set forth in the Merger Agreement. Pursuant to the Merger Agreement, $225.75 million (such agreed value as of the execution of the Merger

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QUANTA SERVICES, INC. filing history →

Source: SEC EDGAR

accession 0001193125-24-182240

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