Monday 18 February 2019

Vinci buys US energy infrastructure specialist

PARIS, December 23, 2017

Vinci, a global player in concessions and construction, said one of its key subsidiaries has acquired PrimeLine Utility Services, a US company specialising in the energy and telecommunications infrastructure sectors.

Vinci Energies, a specialist in energy and information and communication technology (ICT) services reached an agreement with private equity investment firm First Reserve for the US company takeover.

The agreement, which covers acquisition of all PrimeLine Utility Services shares, is subject to approval by the US regulatory authorities.

In the US, PrimeLine Utility Services is a leading provider of engineering, comprehensive new construction, maintenance, repair and upgrade services for the electric grid (transmission, substation and distribution), as well as a similarly broad suite of turnkey services for natural gas utilities, while in the telecommunications market, the services focus on building out wireless and wireline network infrastructure.

PrimeLine Utility Services operates from 50 sites across 25 states in the eastern and southern US. It employs 2,900 people and serves over 150 customers. PrimeLine Utility Services had generated $506 million in revenue last year.

On the deal, Vinci Energies chairman and CEO Yves Meignié said: "With this significant acquisition, Vinci Energies ends a year of highly intensive external growth aimed at gaining a foothold in new regions and continuing to develop the business."

"With the acquisition of PrimeLine Utility Services, our Omexom brand is strengthened and becomes a global provider operating on all the continents and representing a revenue of nearly €3 billion," he added.-TradeArabia News Service

Tags: US | Vinci | specialist | energy infrastructure |

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