SOLV Energy falls as PE sponsor reduces stake

Jefferies Financial

29/05/2026 13:03

** Solar and battery storage co SOLV Energy's MWH.O shares down 1.7% at $36.10 before the bell following pricing of secondary offering
** San Diego, California-based MWH late Thurs announced 15 mln shares at $36, a 1.9% discount to last sale
** Offering comprises ~7.7 mln shares offered by private equity sponsor American Securities and ~7.3 mln sold by the co
** MWH to use net offering proceeds it receives to purchase shares from certain existing holders, including American Securities and exec officers
** Jefferies and JP Morgan joint lead bookrunners
** Co had kicked off a 14 mln share offering late Tues whereby American Securities would still hold ~68% of total shares outstanding and voting power, per the prospectus
** MWH went public in Feb after $512.5 mln IPO priced at $25
** Avg rating of 10 analysts is "buy"; median PT $50, per latest LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))