Quanta Services and InfraSource Services Announce Early Termination of HSR Waiting Period in Connection With Merger
May 07 2007 - 6:47PM
PR Newswire (US)
HOUSTON and MEDIA, Pa., May 7 /PRNewswire-FirstCall/ -- Quanta
Services, Inc. (NYSE:PWR) and InfraSource Services, Inc. (NYSE:IFS)
today announced that the Federal Trade Commission (FTC) and the
United States Department of Justice have granted early termination
of the mandatory waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended, in connection with
the proposed acquisition of InfraSource by Quanta. "We are pleased
to receive notification of early termination from the FTC," said
John R. Colson, chairman and chief executive officer of Quanta
Services. "This clears the path, from an antitrust standpoint, for
us to move forward with securing stockholder approval and closing
the transaction in the third quarter." As previously announced on
March 19, 2007, Quanta and InfraSource entered into a definitive
merger agreement under which Quanta will acquire InfraSource in an
all-stock transaction valued at approximately $1.26 billion as of
the date of announcement. The transaction remains subject to the
approval of Quanta's and InfraSource's stockholders, as well as the
satisfaction of other previously disclosed closing conditions.
Quanta and InfraSource expect the merger to be completed during the
third quarter of 2007. About Quanta Services, Inc. Quanta Services,
Inc. (NYSE:PWR) is a leading provider of specialized contracting
services, delivering end-to-end network solutions for the electric
power, gas, telecommunications and cable television industries.
Quanta's comprehensive services include designing, installing,
repairing and maintaining network infrastructure nationwide. About
InfraSource Services, Inc. InfraSource Services, Inc. (NYSE:IFS) is
a specialty contractor servicing utility transmission and
distribution infrastructure in the United States. InfraSource
designs, builds and maintains transmission and distribution
networks for utilities, power producers and industrial customers.
Additional Information Regarding the Proposed Acquisition Quanta
filed a registration statement on Form S-4, including a joint proxy
statement/prospectus, with the Securities and Exchange Commission
("SEC") on April 20, 2007 to register the shares to be issued in
connection with the merger and to obtain approval of the merger by
Quanta and InfraSource stockholders. INVESTORS AND STOCKHOLDERS ARE
URGED TO READ CAREFULLY THE FINAL JOINT PROXY STATEMENT/PROSPECTUS
WHEN THE SEC DECLARES IT EFFECTIVE, AS IT WILL CONTAIN IMPORTANT
INFORMATION. Stockholders can obtain free copies of the joint proxy
statement/prospectus, as well as other filings of Quanta and
InfraSource, at the SEC's Internet site (http://www.sec.gov/ ). The
joint proxy statement/prospectus and such other documents (relating
to Quanta) may also be obtained free from Quanta's website at
http://www.quantaservices.com/ or from Quanta by directing a
request to Corporate Secretary, Quanta Services, Inc., 1360 Post
Oak Blvd., Suite 2100, Houston, Texas 77056. The joint proxy
statement/prospectus and such other documents (relating to
InfraSource) may also be obtained free from InfraSource's website
at http://www.infrasourceinc.com/ or from InfraSource by directing
a request to General Counsel, InfraSource Services, Inc., 100 West
Sixth Street, Suite 300, Media, Pennsylvania 19063. Participants in
the Solicitation Quanta, InfraSource and their respective
directors, executive officers and certain members of management and
employees may be considered "participants in the solicitation" of
proxies from Quanta's and InfraSource's stockholders in connection
with the acquisition. Information about Quanta, InfraSource and
their respective directors and executive officers and such parties'
ownership of Quanta or InfraSource securities will be contained in
the joint proxy statement/prospectus. Forward-Looking Statements
Statements in this press release regarding the proposed transaction
between Quanta and InfraSource, including the expected timing for
completion of the transaction, (other than historical facts) are
forward-looking statements intended to qualify for the "safe
harbor" from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
rely on a number of assumptions concerning future events and are
subject to a variety of risks and uncertainties, many of which are
difficult to predict or outside Quanta's and InfraSource's control,
which could cause actual results to differ materially from such
statements. These assumptions, risks and uncertainties include,
among other things, the possibility that the pending acquisition of
InfraSource may not close on the terms or timetable described in
this release, or at all, as a result of the failure to satisfy the
closing conditions of the pending merger as contemplated by the
merger agreement, including the failure to obtain stockholder or
regulatory approvals, or otherwise. These forward-looking
statements are also affected by the risk factors, forward-looking
statements and assumptions, challenges and uncertainties described
in the joint proxy statement/prospectus filed by Quanta and
InfraSource and in Quanta's and InfraSouce's other filings with the
SEC, which are available free of charge on the SEC's web site at
http://www.sec.gov/ and through Quanta's and InfraSource's websites
at http://www.quantaservices.com/ and
http://www.infrasourceinc.com/ , respectively. Quanta and
InfraSource expressly disclaim any intention or obligation to
revise or update any forward-looking statements whether as a result
of new information, future events, or otherwise. Quanta Contacts:
InfraSource Contacts: James Haddox, CFO John Curran Reba Reid
610-480-8000 713-629-7600 Mahmoud Siddig 212-889-4350 DATASOURCE:
Quanta Services, Inc.; InfraSource Services, Inc. CONTACT: James
Haddox, CFO, or Reba Reid, both of Quanta Services, Inc.,
1-713-629-7600; or John Curran, +1-610-480-8000, or Mahmoud Siddig,
+1-212-889-4350, both of InfraSource Services, Inc. Web site:
http://www.quantaservices.com/ http://www.infrasourceinc.com.com/
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