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Slide #47. Willbros Group, Inc. — Hawkeye Assets
Willbros Group, Inc. (WG)
Willbros Group, Inc. (NYSE: WG) announced today that it has closed on its Asset Purchase Agreement ("APA"), as amended and restated, with Elecnor Hawkeye, LLC, a Delaware limited liability company and wholly owned subsidiary of Elecnor, Inc, which is wholly owned subsidiary of Elecnor, S.A., a publicly-traded Spanish infrastructure engineering and construction company, for the sale of certain assets associated with its electric transmission and distribution, substation, natural gas and telecommunications construction and maintenance unit, Hawkeye, LLC and Halpin Line Construction, LLC, both based in Hauppauge, NY. Willbros will retain certain assets as well as the contract for the execution of a portion of the Maine Power Reliability Program, and the $43 million claim presented by Willbros to Central Maine Power Company in April 2013. The sale will be funded in early January 2014 and is secured by Letters of Credit for the full purchase amount of approximately $25.0 million.
Willbros Group is an energy infrastructure contractor serving the oil and gas and power industries. Co.'s three segments are: Oil and Gas, which provide construction, maintenance and lifecycle extension services to the midstream markets; Utility Transmission and Distribution, which provides a range of services in electric and natural gas transmission and distribution; Canada, which engages in construction, maintenance and fabrication, particularly for piping projects, including integrity and supporting civil work, general mechanical and facility construction, American Petroleum Institute storage tanks, general and modular fabrication, along with electrical and instrumentation projects.
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Hold (2.00 out of 4)
(ranked higher than approx. 77% of all stocks covered)
Based on Zacks ABR data;
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