is selling its Department of Transportation (DOT) service business to investors led by a private equity firm.
An investor group led by affiliates of Leon, Mayer & Co. has agreed to acquire the state DOT specialty contracting business, which provides traffic management systems such as traffic signaling, message signs, radar vehicle detection systems and closed circuit television systems as well as traditional highway structures such as signing, lighting and guardrails.
The business unit, whose main primary customers are the Florida DOT and local transportation authorities, generated revenue of more than $85 million in the last 12 months. It has 450 employees and is headquartered in Fort Lauderdale, Fla. The sale is expected to close by Jan. 31, 2007.
Shares of Coral Gables, Fla.-based MasTec were higher by 8 cents, or 0.8%, at $10.44 in recent trading Monday.