|
Mt. Airy, NC, June 23, 2008 -- Pike Electric Corp. announced that its wholly owned subsidiary, Pike Electric Inc., has signed a definitive purchase agreement to acquire substantially all of the assets of Shaw Energy Delivery Services Inc. (EDS), an affiliate of The Shaw Group Inc.
Under the terms of the agreement, Pike Electric Inc. will acquire substantially all of the operating assets of EDS for approximately $24 million in cash and the assumption of certain liabilities. The transaction is expected to close in the first quarter of fiscal 2009 and is subject to customary closing conditions. The company expects the acquisition to be accretive to its financial results over time.
The addition of the EDS business will provide Pike Electric the ability to offer customers full service for the engineering, procurement and construction (EPC) of distribution, transmission and substation assets. In addition, this acquisition will provide an opportunity for Pike to expand its operations into the West Coast, Southwest, Pacific Northwest and Mid-Atlantic markets.
Want to stay Current? Listen to Currents: The Energy News Podcast brought to you by Utility Automation & Engineering T&D and Electric Light & Power online. For a list of all available episodes, click here and start listening today. And for more news and exclusive features from Utility Automation & Engineering T&D and Electric Light & Power online, please click here.
| 
Web Exclusives 
| View all PennWell sites | View all PennWell events
Add RSS Feed
