12:10 PM EDT, 07/18/2024 (MT Newswires) -- Quanta Services ( PWR ) said Thursday it has completed its $1.54 billion acquisition of electrical infrastructure solutions provider Cupertino Electric.

The deal was comprised of $1.3 billion in cash and 883,000 Quanta common shares. The cash consideration was funded using cash on hand and borrowings under an existing credit facility and a short-term term loan facility, said Quanta.

Quanta said the deal includes a potential earnout payment of up to $200 million based on certain financial performance targets during a post-acquisition period.

The acquisition diversifies and expands Quanta's customer base and service offerings, said Quanta Chief Executive Duke Austin.

Quanta estimates Cupertino Electric to contribute up to $1.1 billion to its revenue for the remainder of the year. For 2025, Cupertino Electric is projected to contribute up to $2.43 billion in revenue and up to $0.50 in adjusted earnings per share, Quanta added.

Shares of Quanta Services ( PWR ) were up 5.1% in recent trading.

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