MasTec, Inc. (NYSE: MTZ) announced it has completed its acquisition of Infrastructure and Energy Alternatives, Inc. (NYSE: IEA) in a cash-and-stock transaction. Per the deal, IEA stockholders will get $10.50 per share in cash and 0.0483 of a MasTec share, according to Zacks Equity Research.
IEA is a renewable energy and infrastructure solutions services provider. It has expertise in engineering, procurement, construction and other related services and has a diverse blue-chip customer base. It has completed more than 260 utility-scale wind and solar projects across North America and executed a range of complex public and private infrastructure construction projects.
The IEA buyout is designed to expand MasTec’s service capabilities, scale and expertise, providing critical infrastructure to support the nation’s energy transition to secure and sustainable renewable sources.
Jose Mas, MasTec’s chief executive officer, said, “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.”
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