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Quanta Services to acquire renewable energy infrastructure company Blattner Holdings for $2.7 billion in cash and stock

Quanta Services Inc. (PWR) said Thursday it has entered an agreement to acquire Blattner Holding Co. for $2.7 billion in stock and cash. Under the terms of the deal, Quanta will pay about $2.36 billion in cash and $340 million in its common shares with Blattner owners eligible for up to $300 million more in earnout payments on achieving certain financial targets. Blattner is a utility-scale renewable energy infrastructure provider, founded in 1907 and based in Avon, Minnesota. The company offers front-end engineering, procurement, project management and construction services to renewable energy developers for wind, solar and energy storage projects. The company chalked up revenue of about $2.4 billion in 2020. Quanta is expecting the deal to add 80 cents to $1.00 to its adjusted per-share earnings in 2022, and revenue of $2.5 billion to $2.7 billion. The deal is expected to close in the fourth quarter. Quanta Services shares were not yet active premarket, but have gained 41% in the year to date, while the S&P 500 has gained 20%.

-Ciara Linnane

 

(END) Dow Jones Newswires

09-02-21 0706ET

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