Enterprise Group Inc. closed the transaction to divest the assets of T.C. Backhoe & Directional Drilling Ltd. to TC Infrastructure Services Ltd., a wholly owned subsidiary of Quanta Services Inc., according to a July 7 press release.
Gross cash proceeds, including working capital, from this transaction will be about $20 million, subject to post-closing adjustments. All proceeds will be used to reduce Enterprise's debt.
Enterprise Group Inc., based in Alberta, is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries.
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