St. Joseph Solar Farm project construction site in Indiana. Source: IEA.
US infrastructure builder MasTec (NYSE:MTZ) has concluded its previously announced takeover of renewables specialist Infrastructure and Energy Alternatives Inc (NASDAQ:IEA).
The completion of the transaction took place after clearance by the IEA stockholders at a special meeting held on October 7.
Under the terms of the agreement, MasTec will pay USD 14.00 (EUR 14.29) per share in cash and provide MasTec stock to IEA’s current shareholders. Unveiled in July, the deal valued IEA at USD 1.1 billion, including net debt.
IEA provides engineering, procurement, construction and other related services to developers of infrastructure projects. To date, the company has finalised over 260 utility-scale wind and solar projects across North America.
"Combining IEA's renewable energy business with MasTec's electric transmission and substation capabilities gives customers a one-stop solution in the expanding renewable energy markets. Additionally, IEA's Heavy Civil, Rail and Environmental Remediation services expand MasTec's service offerings in these additional growth markets," stated Jose Mas, MasTec's CEO.