MasTec Completes Sale of Sintel.MIAMI--(BUSINESS WIRE)--Dec. 31, 1998--MasTec, Inc., (NYSE:MTZ MTZ - Mali Airways (ICAO code) MTZ - Mass Transfer Zone (granular active carbon filter design - engineering) MTZ - Massada, Israel - Domestic Airfield (airport code) MTZ - Moine Thrust Zone (geology; thrust fault in NW Scotland, Calaedonian age)) announced today that it has sold 87% of its Spanish subsidiary Sintel S.A. to a group of investors, including the Chief Executive Officer of Sintel and one of its directors, effective December 31, 1998 for US $27.6 million plus the assumption by the buyers of all of Sintel's consolidated debt as well as MasTec's remaining acquisition debt Acquisition Debt Debt incurred to construct, improve or acquire a principal or secondary residence.Notes: A home mortgage is the primary example of acquisition debt. See also: Debt, Loan, Mortgage, Principal Residence from its purchase of Sintel. The sale includes all of Sintel's operations, including its subsidiaries in Spain, Argentina, Chile, Colombia, Peru, Puerto Rico and Venezuela. The purchase price is payable in five installments, the first due on December 31, 1998, the remaining balance payable in four consecutive equal monthly installments commencing on January 31, 1999. The purchase price is collateralized by all of the stock sold, subject to the release of certain shares as payments are received. MasTec has the option, at its sole discretion, to sell the remaining 13% to the buyer on December 31, 1999 or December 31, 2000, at a stated premium. Opening the Lines of Communication(R) worldwide, MasTec is one of the world's leading telecommunications and related infrastructure service providers. For more information, please visit our web site at www.mastec.com. Certain statements in this Press Release are forward-looking, such as statements regarding the Company's future growth and profitability. These forward looking statements are based on the Company's current expectations and are subject to a number of risks and uncertainties that could cause actual results in the future to differ significantly from results expressed or implied in any forward-looking statements included in this Press Release. These risks and uncertainties include, but are not limited to, the Company's relationship with key customers, implementation of the Company's growth strategy, and seasonality. These and other risks are detailed in this Press Release and in other documents filed by the Company with the Securities and Exchange Commission. |
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