MasTec (NYSE: MTZ) and Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) today announced that MasTec has completed the previously announced acquisition of IEA, one of the largest utility-scale renewable energy infrastructure solutions providers in North America, following approval by the IEA stockholders at a special meeting held later today.
MasTec CEO Jose Mas, commented, "We are excited to announce the closing of the IEA transaction and look forward to expanding our green power construction and maintenance capacity in the country's push towards a carbon-neutral economy. 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."
MasTec is a leading infrastructure construction company operating mainly throughout North America across a range of industries.
The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: power delivery services, including transmission and distribution, wireless, wireline/fiber and customer fulfillment activities; power generation, primarily from clean energy and renewable sources; pipeline infrastructure, including natural gas pipeline and distribution infrastructure; heavy civil; and industrial infrastructure. MasTec's customers are primarily in these industries.
MTZ shares slid in price 37 cents to $67.13.
