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MasTec to Acquire Infrastructure and Energy Alternatives for USD 14/Share.

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Vincent

MANews-(C)2009-2022

US-based infrastructure construction company MasTec (NYSE: MTZ) has agreed to acquire all of the outstanding shares of Indiana-based renewable energy services provider Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) in a cash-and-stock transaction valued at USD 14.00 per IEA share, the company said.

MasTec has entered into agreements with various IEA stockholders, which collectively own approximately 35% of IEA's outstanding stock, to vote their shares of IEA common stock in favor of the transaction.

Based on estimated IEA net debt levels at closing, the total transaction consideration will be approximately USD 1.1bn. MasTec expects to issue approximately 2.8m MasTec shares in the transaction.

IEA has extensive expertise and capabilities spanning engineering, procurement, construction and other related services.

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 addition of IEA's union based clean energy power generation services, coupled with MasTec and IEA's combined non-union craft labor capacity, will...

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