November 24, 2009 (FinancialWire) — Utility and communications infrastructure contractor MasTec, Inc. (NYSE: MTZ) said it has completed the acquisition of Precision Pipeline, LLC, and its related affiliate. The transaction included a payment of $132 million in cash, the assumption of $34 million of Precision’s debt and an earnout.

The company said the acquisition extends its presence into the interstate pipeline industry and will complement MasTec’s existing energy infrastructure service offerings, which include natural gas gathering systems, mid-stream pipelines, processing plants and compression stations.

MasTec said the acquisition also expands its pipeline geographical coverage. With the acquisition of Precision, MasTec is capable of providing end-to-end construction services to oil and gas producers, as well as to mid-stream and interstate natural gas and petroleum pipeline operators.

Precision generated $303 million of posted revenue and $37 million in posted EBITDA in 2007 and $507 million of revenue and $93 million in EBITDA in 2008. For the full year of 2009, Precision estimates revenue of slightly less than $300 million and EBITDA of about $60 million. As of September 30, 2009, Precision claimed over $500 million in backlog.

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