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M III Acquisition agrees to merge with IEA Energy Services

EBR Staff Writer Published 06 November 2017

M III Acquisition has signed an agreement to merge with IEA Energy Services, an engineering, procurement and construction company focused on renewable energy sector, for $255m.

As per the deal, the combination will create Infrastructure and Energy Alternatives Inc., which will be publicly traded under the symbol IEA on the Nasdaq Capital Market.

Additionally, the existing owners of IEA Energy Services will receive up to 9 million shares of MIII common stock for each share held.

IEA Energy Services, which holds the operating assets of Infrastructure and Energy Alternatives LLC, was formed by investment management firm Oaktree Capital Management.

MIII chairman and CEO Mohsin Meghji said: "MIII is excited to partner with IEA's management and Oaktree to bring IEA to the public markets.

"IEA is a market leader in the construction of renewable energy facilities, and we are confident that it is well-positioned for substantial growth over the years to come.”

Upon completion of the deal, IEA will own all of the existing renewable energy EPC businesses of Infrastructure and Energy Alternatives LLC, including the Infrastructure and Energy Alternatives family of companies, led by White Construction and IEA Renewable Energy.

Additionally, funds managed by Oaktree Capital Management and the IEA management team will own significant ownership stake in IEA.

IEA CEO Roehm said: "Oaktree has been a terrific partner for IEA over the past six years, and we are excited to now add MIII as a partner going forward.  As a current leader in the booming renewables industry, we expect that the opportunities for IEA and our customers will only increase as a public company.” 

Following the merger, IEA intends to expand its core product offerings in wind and solar construction and broaden its range of services in a bid to strengthen its position as the leading, publicly-traded, renewables EPC company.

The transaction is subject to the satisfaction of customary closing conditions, including regulatory approval and the approval of MIII's stockholders.

Image: IEA Energy Services was formed by investment management firm Oaktree Capital Management. Photo: courtesy of IEA | Infrastructure And Energy Alternatives.