Solar EPC Infrastructure and Energy Alternatives acquired by MasTec

MasTec and IEA announced that MasTec will acquire all outstanding shares of IEA in a cash transaction worth $14.00 per IEA share. The transaction has been unanimously approved by the boards of directors of both MasTec and IEA and is subject to customary closing conditions, including approvals from IEA shareholders and Hart-Scott-Rodino, with expected completion at the end of the fourth quarter of 2022.

Founded in 2011 with roots dating back to 1947, IEA is a leading provider of renewable energy and infrastructure solutions, with extensive expertise and capabilities in engineering, procurement, construction and other related services. IEA has deep and long-lasting relationships with a diverse blue-chip customer base. It has completed more than 260 utility-scale wind and solar projects North America and executed a series of complex public and private infrastructure construction projects.

“We are proud to expand our service capabilities, scale and expertise and provide critical infrastructure to support the country’s energy transition to safe and sustainable renewable sources,” said MasTec CEO Jose Mas. “We are delighted to welcome JP, the IEA management team and nearly 6,000 IEA team members to the MasTec family. We have long admired IEA’s operational excellence and have a strong cultural connection with IEA in the areas of safety and customer service.

“We believe that the addition of IEA’s union-based clean energy power generation services, coupled with MasTec and IEA’s combined non-union artisanal labor capacity, will provide greater scale and capacity needed to meet projected growing demand from customers to renewable energy generation in the next decade . We also believe that MasTec’s existing electrical transmission and distribution service capabilities, combined with comprehensive renewable energy generation services from the IEA acquisition, will provide a compelling and complete suite of services to support customer needs for both power generation and infrastructure of the electricity grid necessary for the transition to renewable energy and the reduction of CO2 emissions,” continues Mas.

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