IEA’s Whispering Willow North wind project in Franklin County, Iowa
MasTec and Infrastructure and Energy Alternatives Inc. (IEA) have entered into a definitive agreement under which MasTec will acquire all of the outstanding shares of IEA in a cash-and-stock transaction valued at $14 per IEA share. The transaction has been unanimously approved by the boards of directors of both MasTec and IEA.
The acquisition is expected to close late fourth quarter of 2022, subject to IEA stockholder and Hart-Scott-Rodino approvals, regulatory approvals and other customary closing conditions. 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…