MasTec announced Tuesday that it has acquired telecommunications services company WesTower Communications, a U.S. subsidiary of Exchange Income Corporation.
Under terms of the deal, MasTec, the publicly traded Miami-based infrastructure construction company, acquired all of the issued and outstanding equity interests of WesTower for a one-time payment of about $199 million in cash, subject to customary purchase price adjustments. At closing, WesTower had about $159 million in tangible net worth, MasTec said. Greenberg Traurig attorneys represented MasTec in the acquisition.
WesTower focuses on construction and maintenance of communications infrastructure related to wireless networks throughout the United States and has grown from $100 million in annual revenues in 2010 to approximately $450 million in projected revenues for 2014. WesTower currently provides services to a number of major wireless carriers and has approximately 1,600 employees.