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IEA Energy Services to merge with M III Acquisition

CTBR Staff Writer Published 06 November 2017

M III Acquisition has agreed to merge with IEA Energy Services, which is an engineering, procurement and construction (EPC) firm in the renewable energy sector.

The deal is valued at around $255m, including $100m cash, preferred stock with a liquidation value of $35m, 10 million shares of MIII common stock and assumption of approximately $20m in capital leases.

IEA Energy Services owns the operating assets of Infrastructure and Energy Alternatives, a company created to acquire and manage firms delivering infrastructure solutions for the renewable energy, traditional power, and civil infrastructure industries.

Once the deal concludes, MIII will be renamed as Infrastructure and Energy Alternatives, Inc (IEA), which will own all of the existing renewable energy EPC businesses of Infrastructure and Energy Alternatives.

The businesses include Infrastructure and Energy Alternatives family of companies managed by White Construction and IEA Renewable Energy.

Following the merger, funds managed by the Power Opportunities group of Oaktree Capital Management and the IEA management team will own a significant ownership interest in IEA.

The IEA businesses are said to install around 7,200 wind turbines in about 200 projects, which hold a capacity to generate more than 14GW of electricity.

MIII chairman and CEO Mohsin Meghji said: "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.

IEA CEO JP 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.”