MasTec intends to acquire IEA stock with an offer worth $14 per share. That includes a payment of $10.50 per share in cash and the remaining as 0.0483 shares of MTZ stock worth $3.50 each. This represents a 34% premium over IEA’s closing price on Friday.
Jose Mas, CEO of MasTec, said the following about the deal:
We believe that the addition of IEA’s union based clean energy power generation services, coupled with MasTec and IEA’s combined non-union craft labor capacity, will provide increased scale and capacity needed to meet expected growing customer demand for renewable power generation over the next decade.
Infrastructure and Energy Alternatives and MasTec are expecting the acquisition deal to close in the fourth quarter of 2022. Holders of IEA stock will need to vote in favor of the agreement. MasTec has already acquired an agreement from 35% of IEA shareholders to vote for the acquisition.
IEA stock is seeing heavy trading on Monday. As of this writing, more than 8 million shares of IEA have changed hands. That’s well above its daily average trading volume of about 387,000 shares.
IEA stock is up 28.7% as of Monday morning. Shares of MTZ stock are down 9.8% at the same time on the acquisition news.
Investors looking for more stock market news today are in luck!
We’ve got all of the latest stock market coverage traders need to know about for Monday! Among that is what has shares of GeoVax Labs (NASDAQ:GOVX) and Newmont (NYSE:NEM) stock on the move, as well as this morning’s biggest pre-market stock movers! You can find out all about that below!
More Monday Stock Market News
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.