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Mike Petters: Huntington Ingalls Targets Energy Infrastructure Market With UniversalPegasus Intl Buy

acquisitionHuntington Ingalls Industries (NYSE: HII) has agreed to buy UniversalPegasus International Holdings, a project management services provider in the oil and gas industries, for an undisclosed amount.

The deal is slated to close in June after federal antitrust review and customary regulatory approval, HII said Friday.

UPI has been providing construction, engineering, design, survey and inspection services to energy sector clients globally for more than 50 years.

“We view this acquisition as an opportunity to create further value for our stakeholders while entering the growing oil and gas market with a reputable and established company, ” said Mike Petters, HII president and CEO.

“We look forward to becoming part of the HII team and the growth opportunities this will provide our customers and employees, ” said Philip Luna, president and CEO of UPI.

The Houston, Texas-based firm’s management team will report to Chris Kastner, HII corporate vice president and general manager for corporate development, once the transaction is finalized.

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