- Press Releases
October 14 (Renewables Now) - Specialised contracting services company Quanta Services Inc (NYSE:PWR) today announced the completion of its USD-3-billion (EUR 2.58bn) takeover of renewables infrastructure builder Blattner Holding Company.
Avon, Minnesota-based Blattner offers front-end engineering, procurement, project management and construction services to developers of wind, solar and energy storage projects in North America. It is the parent of Blattner Energy Inc and D.H. Blattner & Sons Inc. To date, the company has completed or been awarded more than 300 wind projects surpassing 49 GW of installed generating capacity, over 90 solar projects exceeding 12 GW and 17 energy storage projects.
“Pairing Blattner's large-scale and leading renewable energy solutions with Quanta's electric transmission and substation solutions positions us to deliver a comprehensive approach for our customers. Together we are focused on what we believe are the most attractive areas of the electric infrastructure complex,” commented Duke Austin, Quanta's president and CEO.
As unveiled at the start of September, Quanta Services has agreed to acquire Blattner in exchange for about USD 2.36 billion in cash and USD 340 million worth of Quanta common stock. Moreover, if certain financial performance targets are achieved, Blattner’s current owners will be eligible for an earn-out payment of up to USD 300 million.
(USD 1.0 = EUR 0.862)