星期二, 9月 28, 2021
Home PV Companies Quanta Services to buy Blattner Holdings in US$2.7bn deal

Quanta Services to buy Blattner Holdings in US$2.7bn deal

Blattner Holdings has installed more than 12GW of solar PV and has 17 energy storage projects to its name.

Source:PVTECH

Quanta Services has entered into a definitive agreement to acquire Blattner Holding Company, a utility-scale renewables solutions provider that has overseen more than 12GW of installed solar assets, in a deal worth US$2.7 billion.
Blattner provides front-end engineering, procurement, project management and construction services to renewable energy developers for wind, solar and energy storage projects. The Avon, Minnesota-based company has completed or been awarded more than 90 solar plants with a total installed capacity of over 12GW, as well as 17 energy storage projects.
The US$2.7 billion will consist of US$2.36 billion in cash as well as shares of Quanta common stock valued at roughly US$340 million. In addition, Blattner shareholders are eligible for another payment that could reach up to US$300 million if certain financial performance targets are met. The transaction has been approved by both boards and is expected to close in Q4 2021.
Recently, Blattner has achieved double-digit growth and has generated full-year 2020 revenues and adjusted EBITDA of approximately US$2.4 billion and US$291 million, respectively.
Houston, Texas-based Quanta said the acquisition was consistent with its “key strategies for sustainable success, compelling financial contributions and strong cultural fit”.
“Blattner has a strong and visible project backlog, and we believe their financial contribution will be accretive to Quanta’s growth, margins, cash flow conversion and earnings per share,” said Quanta CEO and president Duke Austin.
Blattner president Scott Blattner said the industry was “on the cusp of significant evolution” and the company had been “looking for a strategic partner with the resources and capabilities” that will allow it to strengthen its market position.
Blattner’s existing management team will remain in place, with Scott Blattner continuing in his role as president. Blattner will serve as a platform operating unit of Quanta.
Lazard is serving as financial advisor and Latham & Watkins is serving as legal advisor to Quanta for this transaction. J.P. Morgan Securities is acting as exclusive financial advisor to Blattner.

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