then established its headquarters in Houston with Colson as its head. In addition to PAR, Quanta consisted of Union Power Construction Co., Trans Tech Electric Inc., and Potelco, Inc. Initial public offering With BT Alex Brown Incorporated, BancAmerica Robertson Stephens, and Sanders Morris Mundy Inc. serving as underwriters, Quanta completed its IPO in February 1998, raising $45 million. Of that amount, $21 million was used to pay the cash portion of the buyouts of the four founding companies. Much of the balance, along with a $175 million line of credit arranged with a consortium of nine banks, was used on over a dozen acquisitions completed in 1998. Acquired telecom companies included Manuel Brothers; Smith Contracting; Telecom Network Specialists; North Pacific Construction Company; NorAm Telecommunications; Spalj Construction Company; and Golden State Utility Company. Acquired electric contractors included Harker & Harker; Sumter Builders; and Environmental Professional Associates. Hybrid acquisitions included Wilson Roadbores and Underground Construction Company. A secondary offering was completed in late January 1999. The company had planned to sell 3.5 million shares at $21 per share, but interest was so strong that in the end 4.6 million shares were sold at $23.25 per share. All told, Quanta realized $101.1 million, money used to fund the acquisition of 40 additional companies, which in total cost $323.6 million in cash and notes and 15 million shares of stock. Many of these additions were made to expand Quanta's business in gas transmission and cable television. UtiliCorp takeover bid In 2001, UtiliCorp United Inc. (now Aquila, Inc.), an energy company with whom PAR had been doing business since the 1950s attempted a takeover of Quanta. UtiliCorp owned about 36 percent of Quanta, an investment that was originally part of a strategic alliance when UtiliCorp outsourced all of its maintenance needs to Quanta. Quanta resisted, and in October 2001 the two parties signed a standstill agreement. A month later Quanta adopted a "poison pill" plan to prevent a takeover, prompting UtiliCorp to sue. A proxy fight ensued in the spring of 2002. Quanta maintained that UtiliCorp, which was enduring difficult times, wanted to gain controlling interest in order to consolidate Quanta's earnings with its own balance sheet. The fight came to an end in May 2002, as Quanta fended off the takeover bid. Sale of telecommunication and fiber-optic licensing divisions On November 20, 2012, Quanta Services sold its telecommunications subsidiaries for $275 million in cash