PRESS RELEASE
Published on May 8, 2007
Exhibit 99.1
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FOR IMMEDIATE RELEASE
07-08 |
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Quanta Contacts:
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InfraSource Contacts: | |
James Haddox, CFO
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John Curran | |
Reba Reid
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610-480-8000 | |
713-629-7600
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Mahmoud Siddig | |
212-889-4350 |
QUANTA SERVICES AND INFRASOURCE SERVICES
ANNOUNCE EARLY TERMINATION OF HSR WAITING PERIOD
IN CONNECTION WITH MERGER
ANNOUNCE EARLY TERMINATION OF HSR WAITING PERIOD
IN CONNECTION WITH MERGER
HOUSTON, TX and MEDIA, PA May 7, 2007 Quanta Services, Inc. (NYSE: PWR) and InfraSource
Services, Inc. (NYSE: IFS) today announced that the Federal Trade Commission (FTC) and the United
States Department of Justice have granted early termination of the mandatory waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the
proposed acquisition of InfraSource by Quanta.
We are pleased to receive notification of early termination from the FTC, said John R. Colson,
chairman and chief executive officer of Quanta Services. This clears the path, from an antitrust
standpoint, for us to move forward with securing stockholder approval and closing the transaction
in the third quarter.
As previously announced on March 19, 2007, Quanta and InfraSource entered into a definitive merger
agreement under which Quanta will acquire InfraSource in an all-stock transaction valued at
approximately $1.26 billion as of the date of announcement. The transaction remains subject to the
approval of Quantas and InfraSources stockholders, as well as the satisfaction of other
previously disclosed closing conditions. Quanta and InfraSource expect the merger to be completed
during the third quarter of 2007.
About Quanta Services, Inc.
Quanta Services, Inc. (NYSE: PWR) is a leading provider of specialized contracting services,
delivering end-to-end network solutions for the electric power, gas, telecommunications and cable
television industries. Quantas comprehensive services include designing, installing, repairing
and maintaining network infrastructure nationwide.
more
About InfraSource Services, Inc.
InfraSource Services, Inc. (NYSE: IFS) is a specialty contractor servicing utility transmission and
distribution infrastructure in the United States. InfraSource designs, builds and maintains
transmission and distribution networks for utilities, power producers and industrial customers.
Additional Information Regarding the Proposed Acquisition
Quanta filed a registration statement on Form S-4, including a joint proxy
statement/prospectus, with the Securities and Exchange Commission (SEC) on April 20, 2007 to
register the shares to be issued in connection with the merger and to obtain approval of the merger
by Quanta and InfraSource stockholders. INVESTORS AND STOCKHOLDERS ARE URGED TO READ CAREFULLY
THE FINAL JOINT PROXY STATEMENT/PROSPECTUS WHEN THE SEC DECLARES IT EFFECTIVE, AS IT WILL CONTAIN
IMPORTANT INFORMATION. Stockholders can obtain free copies of the joint proxy
statement/prospectus, as well as other filings of Quanta and InfraSource, at the SECs Internet
site (http://www.sec.gov).
The joint proxy statement/prospectus and such other documents (relating to Quanta) may also be
obtained free from Quantas website at www.quantaservices.com or from Quanta by directing a request
to Corporate Secretary, Quanta Services, Inc., 1360 Post Oak Blvd., Suite 2100, Houston, Texas
77056.
The joint proxy statement/prospectus and such other documents (relating to InfraSource) may also be
obtained free from InfraSources website at www.infrasourceinc.com or from InfraSource by directing
a request to General Counsel, InfraSource Services, Inc., 100 West Sixth Street, Suite 300, Media,
Pennsylvania 19063.
Participants in the Solicitation
Quanta, InfraSource and their respective directors, executive officers and certain members of
management and employees may be considered participants in the solicitation of proxies from
Quantas and InfraSources stockholders in connection with the acquisition. Information about
Quanta, InfraSource and their respective directors and executive officers and such parties
ownership of Quanta or InfraSource securities will be contained in the joint proxy
statement/prospectus.
Forward-Looking Statements
Statements
in this press release regarding the proposed transaction between Quanta and
InfraSource, including the expected timing for completion of the transaction, (other than
historical facts) are forward-looking statements intended to qualify for the safe harbor from
liability established by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements rely on a number of assumptions concerning future events and are subject
to a variety of risks and uncertainties, many of which are difficult to predict or outside Quantas
and InfraSources control, which could cause actual results to differ materially from such
statements. These assumptions, risks and uncertainties include, among other things, the
possibility that the pending acquisition of InfraSource may not close on the terms or timetable
described in this release, or at all, as a result of the failure to satisfy the closing conditions
of the pending merger as contemplated by the merger agreement, including the failure to obtain
stockholder or regulatory approvals, or otherwise. These forward-looking statements are also
affected by the risk factors, forward-looking statements and assumptions, challenges and
uncertainties described in the joint proxy statement/prospectus filed by Quanta and InfraSource and
in Quantas and InfraSouces other filings with the SEC, which are available free of charge on the
SECs web site at http://www.sec.gov and through Quantas and InfraSources websites at
www.quantaservices.com and www.infrasourceinc.com, respectively.
Quanta and InfraSource expressly disclaim any intention or obligation to revise or update any
forward-looking statements whether as a result of new information, future events, or otherwise.
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