logo
  

Quanta Services To Buy Blattner Holding In $2.7 Bln Deal - Quick Facts

Quanta Services Inc. (PWR), a specialized contracting services company, announced Thursday that it has entered into a definitive agreement to acquire Blattner Holding Co., an utility-scale renewable energy infrastructure solutions provider in North America. The deal consideration, to be paid at closing, is around $2.7 billion.

The consideration will consist of approximately $2.36 billion in cash, subject to a working capital adjustment, as well as shares of Quanta common stock valued at approximately $340 million.

Additionally, pursuant to the terms of the definitive agreement, Blattner owners will be eligible for an earnout payment that could provide additional consideration of up to $300 million, to the extent certain financial performance targets are achieved.

The transaction has been unanimously approved by the Board of Directors of both Quanta and Blattner. The deal and is expected to close in the fourth quarter of 2021, subject to receiving required regulatory approvals and the satisfaction of other customary closing conditions.

Following the acquisition, Blattner's financial contribution is expected to be accretive to Quanta's growth, margins, cash flow conversion and earnings per share.

For the full year of 2022, Quanta estimates revenues for Blattner to be between $2.5 billion and $2.7 billion, adjusted EBITDA to be between $250 million and $290 million and its contribution to adjusted earnings per share to be between $0.80 and $1.00.

Blattner will serve as a platform operating unit of Quanta, and its existing management team will remain in place, with Scott Blattner continuing in his leadership role as President.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Buena, New Jersey-based Teligent Pharma, Inc. is recalling two lots of Lidocaine HCl Topical Solution USP 4%, 50ml to the user level due to super potency, the U.S. Food and Drug Administration said. The product is indicated for the production of topical anesthesia of accessible mucous membranes of the oral and nasal cavities and proximal portions of the digestive tract. Meta Platforms Inc., the parent of Facebook, Instagram, and WhatsApp, said it is launching more options on WhatsApp to control their messages and how long they stick around, with default disappearing messages and multiple durations. The latest features are expected to bring more control and privacy on the popular messaging app. Delivery services company DoorDash has introduced ultra-fast grocery deliveries with DashMart in Chelsea, New York City. The company said it aims to deliver in 10-15 minutes and plans to expand its new service in select DoorDash grocery and convenience partners over the next year. With over 2,000 items, DashMart offers a wide assortment of fresh and frozen grocery staples, snacks, household goods, and local products.
RELATED NEWS
Follow RTT