Primoris Agrees to Acquire Willbros
Primoris Services Corporation today announced that it has entered into a definitive merger agreement to acquire Willbros Group, Inc. in an all-cash transaction. Primoris will pay $0.60 per share for all of the outstanding stock of Willbros and will settle all of the existing Willbros debt obligations, for an enterprise value of approximately $100 million.
Willbros is a specialty energy infrastructure contractor serving the Oil & Gas and Power industries across three operating segments: Utility Transmission and Distribution (UTD), Oil & Gas, and Canada. Willbros’ infrastructure services platform provides a diverse base of utility, natural gas, and renewable customers with comprehensive engineering, construction, maintenance, repair, and restoration solutions.
Upon completion of the transaction, the Willbros UTD business will become a new operating segment, Primoris UTD, and Willbros’ Lineal Oil & Gas operations will be incorporated into Primoris’ Utilities & Distribution segment. Willbros’ Houston-based Oil & Gas facilities operations will be integrated into Primoris’ Pipeline & Underground segment, and the company’s Canadian business will become part of Primoris’ Power, Industrial, and Engineering segment.
“We look forward to working with the Willbros employees, customers, and vendors as we provide resources and support as part of our larger organization, with the goal of accelerating our combined company’s growth,” David King, President and Chief Executive Officer of Primoris, said. “Both companies share a common goal of ensuring a safe working environment and providing superior customer service.”
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