BRIEF-Enterprise Group to divest of T.C. Backhoe & directional drilling

Mon Jun 13, 2016 9:13am EDT
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June 13 (Reuters) - Enterprise Group Inc :

* Assets will be acquired by TC Infrastructure Services Ltd., a wholly owned subsidiary of Quanta Services, Inc

* Gross cash proceeds from this transaction will be approximately $16.9 million

* Enterprise will also receive payment of working capital, which company anticipates will amount to approximately $3.0 million

* All proceeds from this transaction will be deployed towards reducing enterprise's debt

* Enterprise group announces agreement to divest of t.c. Backhoe & directional drilling Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)