Summary
Quanta Services, Inc. (PWR) reported the completion of the sale of its wholly-owned subsidiary, Quanta Fiber Networks, Inc. (Sunesys), on August 4, 2015. Sunesys, which housed Quanta's fiber optic licensing operations, was sold to CC SCN Fiber LLC, a subsidiary of Crown Castle International Corp., for approximately $1 billion in cash. This transaction is expected to result in estimated after-tax net proceeds of approximately $830 million. The filing also includes unaudited pro forma condensed consolidated financial statements that reflect the impact of this divestiture on the company's balance sheet and statements of operations for various periods.
Key Highlights
- 1Completion of the sale of Quanta Fiber Networks, Inc. (Sunesys) on August 4, 2015.
- 2The sale was to CC SCN Fiber LLC, a subsidiary of Crown Castle International Corp.
- 3The aggregate purchase price was approximately $1 billion in cash.
- 4Estimated after-tax net proceeds from the transaction are approximately $830 million.
- 5Sunesys represented Quanta's fiber optic licensing operations.
- 6Unaudited pro forma financial statements giving effect to the transaction are included as an exhibit.