Oct. 2, 2009 (PR Newswire) --

HOUSTON, Oct. 2 /PRNewswire-FirstCall/ -- Quanta Services, Inc. (NYSE: PWR) today announced the closing on Oct. 1, 2009 of the acquisition of Price Gregory Services, Incorporated, a leading transmission pipeline infrastructure service provider. In connection with the acquisition, Quanta issued approximately 10.9 million shares of Quanta common stock and paid approximately $96 million in cash to the stockholders of Price Gregory Services.

Building on Quanta's leadership role in the electric power transmission industry, the acquisition strongly positions Quanta as a leader in the North American energy transmission infrastructure market and will enable the company to take advantage of the positive long-term outlook for the natural gas and transmission pipeline industry.

In conjunction with the acquisition, Quanta has formed a new division called the Natural Gas and Pipeline Division and appointed Earl C. "Duke" Austin, Jr. president and Paul M. Daily executive vice president of this new division. Price Gregory Services will become part of this new division, and J. Thomas White will serve as president of Price Gregory Services with responsibility for its transmission pipeline operations and facility services. Historically, Quanta's revenues from natural gas operations were reported through the electric power and natural gas division.

"This strategic, financially compelling acquisition significantly expands the scale and scope of Quanta's existing natural gas infrastructure operations to better meet the long-term infrastructure requirements of the natural gas industry," said John R. Colson, chairman and CEO of Quanta Services. "Under the leadership and direction of Duke, Paul and Tom, we believe this division is strongly positioned to benefit from the substantial growth projected over the next decade as domestic natural gas plays a larger role in meeting our country's energy independence and clean energy goals.

"The acquisition of Price Gregory and promotion of these leaders support our philosophy to deliver value to our stockholders, quality services to our customers and growth opportunities for our employees. We welcome the Price Gregory team to our family of operating units."

Austin brings more than two decades of industry experience to this newly created position. Most recently, he served as president of North Houston Pole Line (NHPL), a Quanta Services company and one of the largest infrastructure contractors in the Southwest. Austin has been instrumental in the strategic growth of NHPL. Austin also serves on the Board of the Southwest Line Chapter of the National Electrical Contractors Association.