Quanta Capital sells equity ownership in Howard Energy

Quanta Services Inc.

Quanta Capital Solutions Inc., a wholly owned subsidiary of Quanta Services Inc. (NYSE: PWR) has closed the sale of all of its equity ownership interest in Howard Midstream Energy Partners LLC (Howard Energy) for $221 million in cash, which will result in a pre-tax gain to Quanta of $113 million in the fourth quarter of 2013, or $0.32 per diluted share.

The after-tax net proceeds from the sale are expected to be $175 million. Certain affiliated investment funds managed by Alinda Capital Partners acquired the interest previously held by Quanta Capital.

Quanta intends to use the proceeds of the transaction to support its ongoing strategic growth and other corporate initiatives, including acquisitions and similar investments.

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