Web exclusive posted Oct. 14, 2008 at 12:08 p.m. CST

Ethanol plant builder Wanzek Construction Inc. is being acquired by MasTec Inc. for a total of $215 million - $200 million in cash and $15 million in assumed debt. According to MasTec's October 8 K-filing with the U.S. Securities and Exchange Commission, cash is defined as "cash in the bank plus deposits in transit to the extent there has been a reduction of accounts receivable on account thereof plus petty cash, minus outstanding checks and wires in transit."

MasTec's Oct. 6 press release stated that a "definitive purchase agreement" was signed and the transaction is expected to be complete by the end of fourth quarter 2008. MasTec Vice President of Investor Relations J. Marc Lewis told Ethanol Producer Magazine he couldn't offer any comment outside of what was in the press release.

Various financing options are under review by MasTec, including what the company stated as "equity and equity-linked alternatives."

Wanzek Construction's heavy equipment fleet currently contains approximately 500 pieces, including several specialized cranes for erecting wind turbine towers. The company employs 1,100 skilled workers and tradesmen.

Many big-name ethanol players have contracted with Wanzek Construction in varying capacities, including Poet LLC, Glacial Lakes Energy LLC, Abengoa Bioenergy Corp., and Verasun Energy Corp. There was no word as to how, or if, this transaction would affect Wanzek's ethanol-related business.