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June 3, 2016 — The ongoing courtship of fiber optics and wireless saw another marriage yesterday. Dycom Industries (DY) acquired Goodman Network’s wireless network deployment and wireline business assets for $107.5 million. The wireless construction services operate in Texas, Georgia, Southern California among other markets, and are currently expected to produce revenues ranging from $150 million to $165 million over the next twelve months.
Goodman is shifting its strategic focus toward its field services and professional services business segments while continuing to de-leverage and strengthen its financial position.
Jennifer Fritzsche, Wells Fargo senior analyst saw the deal as good for Dycom but she did not believe it was a broader statement on the short term health of the wireless infrastructure industry.
“Do we see this move as evidence that wireless spending for the industry is improving? Maybe. But that is not the way DY typically works. It never seems to be overly reactionary and thinks more longer term than near-term blips and getting an asset at a fair price. These Goodman assets help it with its wireless business yet – but (perhaps more importantly, in our view) also only further strengthens the tools in its toolbox to help it better serve the needs of its largest customers,” she wrote in an equity note.
The acquisition is expected to be completed by June 30, 2016.
Dycom designs and deploy scalable fiber-optic network infrastructure for broadband services. Additionally, the company offers a portfolio of specialty services including end to end project management and maintenance.
“From deployment of 1 gigabit fiber to the home networks, to pushing fiber deeper into rural America, to expanding fiber networks to small and medium enterprises, we see opportunities that are unprecedented for our industry and our Company,” Dycom CEO and President Steven Nielsen wrote in a letter to investors.
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