Mastec Inc. (NYSE: MTZ) has acquired Pacer Construction for $126 million.
Calgary, Canada-based Pacer is a contracting company that focuses on infrastructure construction for the oil and gas industry. The deal includes a 5-year contingent earn-out.
MasTec, headquartered in Coral Gables, Florida, is an infrastructure construction company that engineers, builds, installs and maintains energy, utility and communications infrastructure. Buying Pacer allows MasTec to develop energy infrastructure in Canada.
The company recently amended its senior secured credit facility, increasing borrowing limited from $750 million to $1 billion, plus the ability to borrow Mexican Pesos (in addition to Canadian Dollars) and expanding the amount that can be borrowed in alternative currencies from $100 million to $200 million. MasTec says the changes allow it to pusue strategic growth opportunities in North America.
Greenberg Traurig attorneys David Barkus, Ira Rosner and Aaron Slavins advised MasTEc on the deal.
M&A for companies surrounding the energy sector have been abundant. Recent transactions include J.A.M. Distributing Co.'s deal for Jones Oil Inc., which does business as High-Tech Equipment,