Quanta Services Closes Sale Of Equity Ownership In Howard Midstream For $221 Mln

(RTTNews) - Quanta Services Inc. (PWR) announced Monday that its wholly owned subsidiary, Quanta Capital Solutions Inc., has successfully closed the sale of all of its equity ownership interest in Howard Midstream Energy Partners, LLC for about $221 million in cash, which will result in a pre-tax gain to Quanta of about $113 million in the fourth quarter of 2013, or about $0.32 per share.

The company expects that the after-tax net proceeds from the sale will be about $175 million.

Certain affiliated investment funds managed by Alinda Capital Partners acquired the interest previously held by Quanta Capital.

The company stated that it plans to use the proceeds of the transaction to support its ongoing strategic growth and other corporate initiatives, including acquisitions and similar investments.