InfrastruX Group, a leading US electric power and natural gas infrastructure contractor, abandoned its plans for a $290 million IPO in a sale to Willbros Group (WG). Under the agreement, InfrastruX will receive $360 million in cash and 7.9 million new Willbros shares, worth roughly $120 million, as well as eligibility for earn-out payments of an aggregate of $125 million.
The Seattle, WA-based company, which is owned by the private equity arm of US independent power producer Tenaska, had planned to list on the NYSE under the symbol IFR. It submitted its initial filing to the SEC in August of 2009 with Credit Suisse and UBS set to be the lead underwriters on the deal. According to the filing, InfrastruX generated $95 million in adjusted EBITDA on $827 million in total revenue in 2008. The company was first organized in June of 2000 as a subsidiary of Puget Energy.
InfrastruX will operate as a separate segment of Willbros following the transaction, which is expected to close in the second quarter of 2010.
