MasTec concludes USD-1.1 bn IEA purchase
- United States infrastructure contractor MasTec (NYSE: MTZ) has actually ended its formerly announced takeover of renewables expert Infrastructure as well as Energy Alternatives Inc (NASDAQ: IEA).
The completion of the deal happened after clearance by the IEA shareholders at an unique meeting hung on October 7.
Under the regards to the contract, MasTec will certainly pay USD 14.00 (EUR 14.29) per share in cash and offer MasTec stock to IEA's present shareholders. Revealed in July, the deal valued IEA at USD 1.1 billion, consisting of internet 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.
