MasTec Announces Significant Revision and Enhancement to Nsoro Acquisition
MasTec, Inc. (NYSE: MTZ) today announced that it has signed an amendment which significantly improves the Company's economics in the earn-out associated with the Nsoro acquisition, MasTec's wireless infrastructure construction and maintenance subsidiary.
Under the revised terms, MasTec will pay and deliver to the seller a one-time $40,000,000 cash payment plus 1,875,000 shares of MasTec common stock, which will be restricted for one year.
Future annual earn-out payments for the five years beginning in 2011 will be reduced to 27.5% of domestic earnings before tax in excess of $40,000,000 and the earn-out payment for the seven month period ending July 31, 2016, reduced to 27.5% of EBT in excess of $23.3 million.
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