Quanta Services Enters Into $750 Million Accelerated Stock Repurchase Arrangement

Utilizing Proceeds from Completed Sale of Fiber Optic Licensing Operations

Initial Delivery of Approximately 25.7 Million Shares

HOUSTON, Aug. 10, 2015 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced that it has entered into an accelerated stock repurchase arrangement (the "ASR Arrangement") with JPMorgan Chase Bank N.A. to repurchase $750 million of Quanta common stock. The ASR Arrangement will facilitate repurchases under Quanta's previously announced $1.25 billion stock repurchase program and will be funded with a portion of the proceeds received from the sale of its fiber optic licensing operations.

Quanta Services Logo.

Under the ASR Arrangement, Quanta will pay $750 million to JPMorgan and will receive an initial delivery of approximately 25.7 million shares on or around August 11, 2015. The initial delivery represents approximately 80% of the total shares that would be repurchased under the ASR Arrangement based on Quanta's current stock price. The final number of shares to be repurchased will be based on a volume-weighted average stock price of the company's common stock during the term of the ASR Arrangement, minus a discount, and subject to certain adjustments. Final settlement is scheduled to occur in the second quarter of 2016, subject to early termination or extension in certain circumstances. At settlement, JPMorgan may be required to deliver additional shares of common stock to Quanta, or under certain circumstances, Quanta may be required to deliver shares of common stock or make a cash payment, at its election, to JPMorgan.

Quanta may implement the remaining portion of its $1.25 billion stock repurchase program through open market purchases or privately negotiated transactions, including but not limited to issuer repurchase plans, additional accelerated stock repurchase arrangements or otherwise. Apart from the committed repurchases pursuant to the ASR Arrangement, Quanta is not obligated to repurchase any specific amount under the program.

Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power and oil and gas industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy infrastructure. With operations throughout the United States, Canada and Australia and in select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.

Forward Looking Statements
This press release (and oral statements regarding the subject matter of this release) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the ability to deliver increased value and return capital to shareholders; statements concerning Quanta's stock repurchase program, the ASR Arrangement and any effects, results and other matters relating thereto, including the amount or timing of any transactions thereunder; future capital allocation initiatives, including any proposed strategy with respect to future stock repurchases; as well as statements reflecting expectations, intentions, assumptions or beliefs about future events, and other statements that do not relate strictly to historical or current facts. Although Quanta's management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by known and unknown risks and uncertainties that are difficult to predict or beyond Quanta's control, including, among others, the terms of the ASR Arrangement and factors affecting the final number and price of shares to be purchased under the ASR Arrangement, including the volume-weighted average stock price of Quanta common stock and actions by counterparties to such arrangement, events and transactions that result in termination of the ASR Arrangement or adjustments of shares purchased or amounts paid under the ASR Arrangement, and the decision to enter into alternative transactions to those described herein; the amount of shares purchased under Quanta's stock repurchase program (the adoption of which did not, other than through the ASR Arrangement, obligate Quanta to acquire any specific number of shares), which may be modified and terminated; market conditions; the effects of industry, economic or political conditions outside of the control of Quanta; quarterly variations in operating results; adverse economic and financial conditions, including weakness in the capital markets; and other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K for the year ended Dec. 31, 2014, Quanta's Quarterly Report on Form 10-Q for the quarter ended Mar. 31, 2015 and any other documents that Quanta files with the Securities and Exchange Commission (SEC). For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through the company's website at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this press release.


Investors - Kip Rupp, CFA

Media – Deborah Buks and Molly LeCronier

Quanta Services, Inc.




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SOURCE Quanta Services