Dycom Industries (NYSE: DY) announced that the company acquired Black & Veatch’s public carrier wireless telecommunications infrastructure business for $150 million in cash. The acquired B&V business provides wireless construction services primarily in the states of New York, New Jersey, Missouri, Kansas, Colorado, Utah, Wyoming, Idaho and Montana.
The company said that the acquisition strategically strengthens Dycom’s customer base and expands geographic scope to more broadly address growth opportunities in wireless network modernization, including Open RAN transformation initiatives, and deployment services.
During Q3 FY 2025 and Q4 FY 2025, the company expects only modest revenue contribution from the deal as B&V’s business is currently focused on site acquisition for next year’s construction program. For fiscal 2026, the company expects the acquisition to contribute $250 million to $275 million of contract revenues, and that it will add approximately $1.0 billion of total backlog.
Dycom, based in Palm Beach Gardens, FL, provides specialty contracting services to the telecommunications infrastructure and utility industries throughout the U.S. These services include: program management; planning, engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers along with construction and maintenance services for electric and gas utilities.
For its second quarter fiscal 2025 ending July 31, the company reported contract revenue of $1.2 billion, up nearly 16 percent on a year-over-year basis with organic revenue growth up nine percent YoY. Adjusted EBITDA was up 21 percent YoY to $158 million.
At the end of the quarter, Dycom reported a contract backlog of $6.8 billion with $3.8 billion to be fulfilled over the next 12 months. Those numbers are up from $6.2 billion and $3.5 billion, respectively, from Q2 FY2024. The company ended the quarter with 15,901 employees, after hiring 754 people in the past year.
By John Celentano, Inside Towers Business Editor
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