MasTec obtains HSR clearance for IEA buy, sees closure in Oct

US infrastructure builder MasTec (NYSE:MTZ), which agreed to take over renewables specialist Infrastructure and Energy Alternatives Inc (NASDAQ:IEA) in July, has fulfilled one of the conditions required to close the transaction and expects to conclude the process next month.

MasTec today announced the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, as amended, in relation to the cash-and-stock deal that is valued at USD 1.1 billion (EUR 1.11bn), including net debt.

The transaction is still awaiting stockholder approval. According to the original announcement, various IEA stockholders have already committed to voting their combined 35% interest in favour of the deal.

Under the terms of the agreement, MasTec will pay USD 14.00 per share in cash and provide MasTec stock to IEA’s current shareholders.

Set up in 2011, IEA provides engineering, procurement, construction and other related services to developers of infrastructure projects. To date, the company has finalised over 260 utility-scale wind and solar projects across North America.

(USD 1 = EUR 1.008)

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