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.
Frequently Asked Questions
This 8-K filing was primarily to report the completion of Quanta Services' sale of its fiber optic licensing subsidiary, Sunesys, to Crown Castle International Corp. and to provide pro forma financial statements reflecting this divestiture.
Quanta Services received approximately $1 billion in cash for the sale of Sunesys.
The divested business segment was Quanta's fiber optic licensing operations, which were conducted through its wholly-owned subsidiary, Quanta Fiber Networks, Inc. (Sunesys).
The pro forma financial statements provide investors with a view of Quanta Services' financial position and results of operations as if the sale of Sunesys had occurred at an earlier date, allowing for a better understanding of the company's ongoing business structure and financial health post-divestiture.