MasTec acquired Infrastructure and Energy Alternatives, Inc. (IEA) for approximately $1.1 billion total transaction consideration (including IEA net debt); $748.5M consideration transferred plus ~$300M of assumed 6.625% senior notes per the FY2022 10-K, a transaction completed in October 2022, structured as cash-and-stock.
Infrastructure and Energy Alternatives, Inc. (IEA) operates in Clean Energy and Infrastructure, is based in Indianapolis, Indiana (North America operations), had revenue of about IEA reaffirmed expected full-year 2022 revenue of $2.3-$2.5 billion. Publicly traded renewable-energy and infrastructure services provider (Nasdaq: IEA) that MasTec agreed to buy for $14.00 per share, split $10.50 in cash and 0.0483 of a MasTec share (about $3.50) — a roughly 34% premium. IEA had completed more than 260 utility-scale wind and solar projects across North America and also handled heavy-civil, rail and environmental-remediation work. MasTec issued about 2.7 million shares and assumed IEA's $300M of 6.625% senior notes.
Management framed the deal as scaling MasTec's Clean Energy & Infrastructure segment and pairing IEA's union clean-energy power-generation crews with MasTec's transmission and distribution capabilities to serve the energy transition.
Adds ~6,000 employees, union clean-energy generation crews and a blue-chip renewables customer base at a moment of surging demand for wind and solar buildout. Potential revenue and operational synergies expected in 2024 and beyond; deal expected accretive to 2023 adjusted EPS before synergies. Reported within MasTec's Clean Energy and Infrastructure segment
We are proud to expand our service capabilities, scale and expertise providing critical infrastructure to support the nation's energy transition to secure and sustainable renewable sources. We are excited to welcome JP, the IEA management team and almost 6,000 IEA team members to the MasTec family.Jose Mas, Chief Executive Officer, MasTec
The combination with MasTec will create new opportunities for IEA's employees and our customer base. Our joint resources and capabilities will advance our ability to serve our customers in the renewable energy, power delivery and infrastructure markets.JP Roehm, President and Chief Executive Officer, IEA
Advisory firms were not disclosed for this transaction.