Quanta Services to purchase Blattner Holdings in US$ 2.7 bn deal

• Quanta Services has actually become part of a definitive contract to get Blattner Holding Company, a utility-scale renewables services carrier that has actually supervised greater than 12GW of mounted solar assets, in a deal worth US$ 2.7 billion.

Blattner supplies front-end design, procurement, project monitoring and also building solutions to renewable resource developers for wind, solar and power storage space projects. The Avon, Minnesota-based company has actually completed or been granted more than 90 solar plants with an overall set up ability of over 12GW, in addition to 17 power storage space projects.

The US$ 2.7 billion will certainly include US$ 2.36 billion in money as well as shares of Quanta common stock valued at approximately US$ 340 million. In addition, Blattner investors are qualified for an additional repayment that might reach up to US$ 300 million if particular financial efficiency targets are satisfied. The purchase has been approved by both boards and also is expected to close in Q4 2021.

Lately, Blattner has actually accomplished double-digit growth and has actually generated full-year 2020 profits and also readjusted EBITDA of approximately US$ 2.4 billion and US$ 291 million, specifically.

Houston, Texas-based Quanta claimed the purchase was consistent with its "key methods for lasting success, compelling monetary contributions as well as solid social fit".

"Blattner has a solid as well as visible project backlog, and also we believe their economic contribution will certainly be accretive to Quanta's growth, margins, cash flow conversion and profits per share," stated Quanta CEO and also head of state Fight it out Austin.

Blattner head of state Scott Blattner stated the industry was "on the cusp of substantial advancement" as well as the firm had actually been "searching for a strategic companion with the sources and also abilities" that will certainly enable it to enhance its market position.

Blattner's existing management group will remain in place, with Scott Blattner continuing in his duty as president. Blattner will certainly act as a platform running unit of Quanta.

Lazard is functioning as monetary consultant and also Latham & Watkins is serving as legal advisor to Quanta for this purchase. J.P. Morgan Securities is acting as unique economic advisor to Blattner.