Quanta Services Closes Investment by UtiliCorp

Business Wire, Sept 23, 1999

HOUSTON--(BUSINESS WIRE)--Sept. 23, 1999--

Quanta Services Inc. (NYSE:PWR) today announced it has closed the investment by UtiliCorp United Inc. (NYSE:UCU) and has received proceeds of $186 million in exchange for Convertible Preferred Stock. With this transaction, UtiliCorp received two seats on Quanta's Board and has designated Robert K. Green, president and chief operating officer, and James G. Miller, senior vice president, as its representatives.

"This is our second significant investment-related strategic partnership in the past year," stated John R. Colson, Quanta Services' chief executive officer. "We welcome Mr. Green and Mr. Miller to our Board. Their extensive experience and insight on utility deregulation will be of significant value to Quanta."

Based in Kansas City, Mo., UtiliCorp United is a multinational energy company with $6.8 billion in assets and 12-month sales of $14.9 billion. It serves more than 4.5 million customers in the United States, Canada, the United Kingdom, and in New Zealand and Australia where it is the largest operator of energy networks.

Quanta Services Inc. is a leading provider of specialized contracting services to electric utilities, telecommunication and cable television operators, and governmental entities. The Company also installs transportation control and lighting systems and provides specialty electric power and communication services for industrial and commercial customers. Quanta Services performs projects nationwide and has offices in over 21 states.

This press release contains various forward-looking statements and information that are based on management's belief as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions including, among other matters, general risks related to the industries in which Quanta operates. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. For a discussion of the risks, investors are urged to refer to the Company's reports filed under the Securities Exchange Act of 1934.