Primoris buys Willbros

April 13, 2018

INDUSTRY NEWS (Dallas, TX) – Primoris Services said it will buy the Houston engineering and construction firm Willbros Group just a week after Willbros said it was putting it up for sale and even considering bankruptcy.

The Primoris construction company said it will pay about $38 million to acquire Willbros, which has seen its value plummet in recent months and years amid its financial struggles. Primoris also will pay up to $20 million to keep Willbros afloat financially until the sale closes by the end of June.

Willbros, which is in the midst of selling its pipeline construction business, has labored to turn a profit for years, but its stock value has traded below the dreaded $1 per share threshold since early February. Before announcing its potential sale and bankruptcy, Willbros was hovering just above 80 cents a share and sunk all the way down to 15.5 cents a share Tuesday.

 

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