Willbros Closes On Asset Purchase Agreement From Hawkeye

Purchased certain assets associated with Hawkeye's electric transmission and distribution unit.

Willbros Group Inc. (NYSE: WG) closed on its asset purchase agreement with Elecnor Hawkeye LLC for $25 million, the company said in a press release Nov. 15.

The sale included certain assets associated with its electric transmission and distribution, substation, natural gas and telecommunications construction and maintenance unit, Hawkeye LLC and Halpin Line Construction LLC, both based in Hauppauge, N.Y. Willbros will retain certain assets as well as the contract for the execution of a portion of the Maine Power Reliability Program, and the $43 million claim presented by Willbros to Central Maine Power Co. in April 2013.

The sale will be funded in early January 2014 and is secured by letters of credit for the full purchase amount of the $25 million.

Willbros is a specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries. The company is headquartered in Houston. Hawkeye is a Delaware limited liability company and wholly owned subsidiary of Elecnor Inc., which is wholly owned subsidiary of Elecnor SA, a publicly-traded Spanish infrastructure engineering and construction company.