Brief: MasTec To Acquire Infrastructure And Energy Alternative Inc

MasTec

25/07/2022 11:59

July 25 (Reuters) - Infrastructure and Energy Alternatives
Inc  IEA.O :
    * MASTEC TO ACQUIRE INFRASTRUCTURE AND ENERGY ALTERNATIVES,
INC.
("IEA"), A PREMIER RENEWABLE ENERGY AND INFRASTRUCTURE SERVICES
PROVIDER
    * MASTEC INC - UPDATES FINANCIAL GUIDANCE FOR SECOND HALF OF
2022
    * MASTEC INC - MASTEC WILL ACQUIRE ALL OF OUTSTANDING SHARES
OF
IEA IN A CASH-AND-STOCK TRANSACTION VALUED AT $14.00 PER IEA
SHARE
    * MASTEC INC - PROPOSED DEAL EXPECTED TO BE ACCRETIVE TO
MASTEC'S
2023 ADJUSTED EPS BEFORE SYNERGY BENEFITS
    * MASTEC INC - IEA IS REAFFIRMING ITS EXPECTATION THAT FULL
YEAR
2022 REVENUE WILL RANGE BETWEEN $2.3 TO $2.5 BILLION
    * MASTEC INC - PROPOSED DEAL COMPRISED OF $10.50 PER SHARE
IN CASH
AND 0.0483 OF A MASTEC SHARE, WITH A VALUE OF $3.50 PER SHARE
    * MASTEC INC - BASED ON ESTIMATED IEA NET DEBT LEVELS AT
CLOSING,
TOTAL TRANSACTION CONSIDERATION WILL BE APPROXIMATELY $1.1
BILLION
    * MASTEC INC - EXPECTS TO ISSUE APPROXIMATELY 2.8 MILLION
MASTEC
SHARES IN TRANSACTION
    * MASTEC INC - SEES SECOND HALF 2022 REVENUE IS EXPECTED TO
APPROXIMATE $5 BILLION
    * MASTEC INC - OBTAINED COMMITTED BRIDGE FINANCING FROM BANK
OF
AMERICA AND J.P. MORGAN, SHOULD IT BE NEEDED, TO COMPLETE
TRANSACTION
    * MASTEC INC - HOWEVER, INTENDS TO PURSUE CERTAIN OTHER DEBT
FINANCING ALTERNATIVES TO FINANCE CASH PORTION OF TRANSACTION
CONSIDERATION
    * MASTEC INC - UPDATED 2022 GUIDANCE ALSO EXCLUDES ANY
EFFECTS
FROM IEA ACQUISITION

Source text for Eikon:  ID:nPn4NKYKSa 
Further company coverage:  IEA.O 

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