MasTec and IEA introduced that MasTec will purchase the entire excellent shares of IEA in a cash-and-stock transaction valued at $14.00 per IEA share. The transaction has been unanimously accepted by the Boards of Administrators of each MasTec and IEA and is topic to customary closing situations, together with IEA stockholders and Hart-Scott-Rodino approvals, with an anticipated closing late fourth quarter of 2022.
Based in 2011 with roots courting to 1947, IEA is a premier providers supplier in renewable power and infrastructure options, with intensive experience and capabilities spanning engineering, procurement, building and different associated providers. IEA has deep and long-standing relationships throughout a various blue-chip buyer base. It has accomplished greater than 260 utility-scale wind and photo voltaic tasks throughout North America and executed a variety of complicated private and non-private infrastructure building tasks.
“We’re proud to increase our service capabilities, scale and experience offering vital infrastructure to assist the nation’s power transition to safe and sustainable renewable sources,” stated MasTec CEO Jose Mas. “We’re excited to welcome JP, the IEA administration staff and virtually 6,000 IEA staff members to the MasTec household. We now have lengthy admired IEA’s working excellence, and we now have a robust cultural alignment with IEA in security and customer support.
“We imagine that the addition of IEA’s union primarily based clear power energy era providers, coupled with MasTec and IEA’s mixed non-union craft labor capability, will present elevated scale and capability wanted to satisfy anticipated rising buyer demand for renewable energy era over the following decade. We additionally imagine that MasTec’s present electrical transmission and distribution service capabilities, coupled with expanded renewable energy era providers from the IEA acquisition, will present a compelling and full suite of providers to assist buyer’s wants for each energy era and energy grid system infrastructure required to transition to renewable power and scale back carbon emissions,” continued Mas.
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