MTZ - MasTec to buy IEA in cash-and-stock deal valued at $1.1B

MasTec ( NYSE: MTZ ) said Monday it agreed to acquire Infrastructure & Energy Alternatives ( NASDAQ: IEA ) in a cash and stock deal valued at $14/share.

Under the deal terms, IEA stockholders will receive $14/share comprised of $10.50/share in cash and 0.0483 of a MasTec ( MTZ ) share, with a value of $3.50/share, based on MasTec's closing share price on July 22, and represents a 34% premium to IEA's closing stock price.

Based on estimated IEA net debt levels at closing, the total transaction value will be ~$1.1B.

MasTec ( MTZ ) said it plans to issue ~2.8M common shares in the transaction.

IEA ( IEA ) reaffirms guidance for FY 2022 revenues of $2.3B-$2.5B and and adjusted EBITDA of $140M-$150M; for FY 2023, IEA expects revenues of $2.6B-$2.7B and adjusted EBITDA of $160M-$170M, exclusive of any post transaction synergies.

IEA ( IEA ) reported a Q1 GAAP loss of $0.56/share on revenues of $360M .

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