Quanta Services selling fiber optic licensing operations for about $1 billion

MarketsAssociated Press

Quanta Services is selling its fiber optic licensing operations to Crown Castle International Corp. for about $1 billion.

"This transaction enables us to enhance our strategic focus on energy infrastructure markets, which we believe will undergo substantial development in the coming years," Quanta Services President and CEO Jim O'Neil said in a written statement.

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Quanta Services Inc. said Thursday that it anticipates approximately $800 million in net proceeds. The Houston company plans to use the proceeds for stock buybacks, acquisitions of energy infrastructure services companies and for other strategic investments.

The deal is targeted to close by year's end.