Quanta Services (PWR) said Thursday it acquired Dynamic Systems for an upfront consideration of about $1.35 billion, consisting of about $1.15 billion in cash and about $200 million of Quanta shares.

The deal includes a potential earnout payment of up to $216 million, if Dynamic Systems hits certain financial performance targets during a post-acquisition period, Quanta said.

Russell Rehmann will remain as chief executive and Jeff Vogt will continue as president of Dynamic Systems, Quanta added.

Quanta shares were down 0.6% in recent trading.

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