PowerTeam announces $850M deal with CenterPoint
(Atlanta, TX) PowerTeam Services announced recently to buy two subsidiaries of Houston's CenterPoint Energy Inc. for $850 million.
PowerTeam will buy CenterPoint's Miller Pipeline and Minnesota Limited units, which provide underground pipeline construction and repair services.
"The sale is a key achievement in our ongoing strategic focus to strengthen our balance sheet and improve our business risk profile and earnings quality pursuant to increased relative contribution of our core utility businesses," Scott Prochazka, president and CEO of CenterPoint Energy, said in a statement.
"PowerTeam's combination with Miller Pipeline and Minnesota Limited creates a powerful platform with nationwide scale to continue to safely and reliably serve customers, provide enhanced career opportunities for employees, and capitalize on significant growth opportunities in the utility and energy infrastructure industry," said Brian Palmer, CEO of PowerTeam, who will serve as CEO of the combined company.