Quanta Services Closes Sale of Equity Ownership in Howard Energy for Approximately $221M

Quanta Services PWR today announced that its wholly owned subsidiary, Quanta Capital Solutions, Inc. (Quanta Capital), has successfully closed the sale of all of its equity ownership interest in Howard Midstream Energy Partners, LLC (Howard Energy) for approximately $221 million in cash, which will result in a pre-tax gain to Quanta of approximately $113 million in the fourth quarter of 2013, or approximately $0.32 per diluted share. The after-tax net proceeds from the sale are expected to be approximately $175 million. Certain affiliated investment funds managed by Alinda Capital Partners acquired the interest previously held by Quanta Capital. (Logo: http://photos.prnewswire.com/prnh/20110810/MM50805LOGO) "This investment demonstrated Quanta's ability to financially support Howard Energy's strategic growth initiatives while providing engineering and construction support to its expanding pipeline system," said Jim O'Neil, president and chief executive officer of Quanta Services. "Mike Howard and his management team have built an impressive asset portfolio in the Eagle Ford shale region, and we wish them and their partners continued success. Quanta continues to pursue opportunities to provide customers similar financial and operational solutions to achieve their future infrastructure development needs." Quanta intends to use the proceeds of the transaction to support its ongoing strategic See full press release