On Friday we broke the news that 62-year-old MAPSCO was being bought out by Pennsylvania-based Universal Map, though higher-ups at both companies refused to offer comment. Today, we get The Official Comment: Universal Map's done snatched up the entirety of the Dallas institution's assets for an undisclosed sum. It'll be a done deal by no later than tomorrow.
Universal will keep the MAPSCO brand name and says it'll try to expand its presence outside of Texas -- "which is critical to the success of this industry," says Universal chairman Nicholas Karabots, who, ironically, bought up Universal two years ago just as MAPSCO was on the verge of acquiring it. To which MAPSCO's chief operation officer, Tracy Eubanks, adds: "Mapsco is proud of the brand it has created in Texas and surrounding markets over nearly 60 years and confident that being part of Universal will further the legacy.
If you like this story, consider signing up for our email newsletters.
SHOW ME HOW
You have successfully signed up for your selected newsletter(s) - please keep an eye on your mailbox, we're movin' in!
Take it away, Karen O.