May 4, 2018
The acquisition of Houston specialty energy infrastructure contractor Willbros Group Inc. by Primoris Services Corp. of Dallas is complete.
Willbros is now split between two Primoris subsidiaries: Willbros Utility Transmission and Distribution is now a new segment of Primoris, while Willbros Canada joins Primoris’ Pipeline & Underground group.
Willbros stockholders approved the March 27th merger agreement at a special meeting May 31st; Willbros common stock is no longer traded.
The deal has a relative value of about $100 million.
Primoris CEO and President David King said Monday that the transmission and distribution “business provides Primoris with another avenue of growth, the Canadian operating centers expand our services into Western Canada, and the Oil & Gas Facilities business enhances offerings in our existing markets.
“We are pleased to welcome the Willbros employees to the Primoris family, and we look forward to working together to create additional value for our shareholders.”