Quanta Services acquires Dynamic Systems for $1.35B upfront

Quanta Services (PWR) announced that it completed the acquisition of Dynamic Systems. Dynamic Systems is estimated to generate full-year 2025 revenues of $1B-$1.1B and FY25 adjusted EBITDA of approximately $150M to $170M. As described in further detail below, the consideration paid at closing for the transaction was approximately $1.35B. The upfront consideration was approximately $1.35B, consisting of approximately $1.15B in cash, subject to certain closing and post-closing adjustments, and approximately $200M of Quanta common stock. Additionally, there is a potential earnout payment of up to $216M, which is payable to the extent certain financial performance targets are achieved by Dynamic Systems during a post-acquisition period. Quanta funded the cash portion of the transaction with a combination of drawings under its commercial paper program and drawings under its existing senior credit facility. The transaction closed on July 25.