MasTec agrees to acquire IEA for USD 1.1 Bn in a cash-and-stock deal

Date: 2022-07-28   Author: Saipriya Iyer  Category: #news

MasTec agrees to acquire IEA for USD 1.1 Bn in a cash-and-stock deal

MasTec Inc, a U.S.-based renewable energy construction firm, is reportedly planning to acquire IEA (Infrastructure and Energy Alternatives) for USD 1.1 billion in a cash-and-stock deal.

As per the agreement, MasTec will buy all the outstanding shares of IEA for USD 14 a share. It includes USD 10.5 per share in cash and 0.0483 of a share of the U.S.-based company with a per-share value of USD 3.5 based on its closing share price on July 22nd.

MasTec CEO, Jose Mas, has expressed that the company is delighted to expand its scale, service capabilities, and expertise offering critical infrastructure to bolster the country’s transition to sustainable and secure renewable sources.

The deal aims to substantially improve MasTec’s infrastructure and clean energy segment as well as its maintenance service offerings. Furthermore, it will increase the company’s equipment resource and non-union craft labor capacity.

The transaction is anticipated to close by the fourth quarter of 2022 subject to approvals from regulators, IEA stockholders, and other customary closing conditions.

JP Roehm, CEO and President of IEA stated that the collaboration with MasTec will create new avenues for the company’s customer base and employees.

Roehm added that IEA shareholders are expected to benefit from IEA and MasTec’s combined scale and operations, which can be evident in its agreement to acquire 25% of the proceeds in the common stock of MasTec.

JP Morgan Securities served as MasTec’s financial advisor while Holland & Knight and Fried Frank Harris Shriver & Jacobson LLP offered legal counsel to the company. For IEA, Lazard acted as the financial advisor whereas Gibson, Dunn & Crutcher as the legal advisor.

For the unversed, MasTec has a workforce of close to 22,000 skilled professionals and an extensive range of specialized construction equipment to meet the changing needs of consumers.

Source credit:

https://www.power-technology.com/news/mastec-iea-acquisition/



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Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

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