It offers services to wireless, wireline/fiber and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation, including renewables; heavy civil; and industrial infrastructure. MasTec Acquires Henkels & McCoy Great River Energy CORAL GABLES, Fla., Dec. 20, 2021 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that it has entered into a definitive agreement to acquire Henkels & McCoy Group Inc. (Henkels), one of the largest U.S. private electrical power transmission and distribution utility services firm and the 14 th largest U.S. specialty contractor This critical tool will help the Commission quickly identify and ultimately prevent future facially anticompetitive deals by DaVita, a particularly acquisitive company. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. Importantly, under the order, DaVita is also required to receive prior approval from the FTC before acquiring any new ownership interest in a dialysis clinic anywhere in Utah for a period of ten years. At Some 80 deals later, heres how their acquisition strategy is unfolding. The Energy Central Power Industry Network is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other. ", Mr. Mas continued, "I'd like to welcome IEA team members to the MasTec family and once again thank the men and women of MasTec whose dedication to safety and efficient production are a key driving force to our success. ", George Pita, MasTec's Executive Vice President and Chief Financial Officer, noted, "Our strong balance sheet has supported our transformational acquisition activity over the past two years. Non-cash stock-based compensation expense, bargain purchase gain from a fourth quarter 2021 acquisition, losses (gains), net, on the fair value of our investment in AVCT and loss on extinguishment of debt are included within Corporate EBITDA. WebJul 2021 - Aug 2022 1 year 2 months. NOTE: When the Commission issues a consent order on a final basis, it carries the force of law with respect to future actions. WebOn October 7, 2022, MasTec, Inc. ("MasTec"), acquired all of the outstanding shares of common stock of Infrastructure and Energy Alternatives, Inc. ("IEA") pursuant to a Austin, Texas, PUC Engineer (Engineer IV - VI) (00029045) Henkels is one of the largest U.S. private electrical power transmission and distribution utility services firms and the 5thlargestU.S.utility contractor in the recent 2021Engineering News-Recordranking. See our report's 7 new picks today, absolutely FREE. Zacks Equity Research Houlihan Lokeyserved as exclusive financial advisor, and Sidley Austin LLP served as legal counsel, to Henkels. Post-acquisition, MasTec reduced net debt by approximately $350 million during the fourth quarter. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. To explore MasTecs full profile, request access. The FTC will publish the consent agreement package in the, An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments, FTC Lawsuit Leads to Permanent Ban from Debt Relief, Telemarketing for Operators of Debt Relief Scam, Is Franchising Fair? Web2021 - Mission Operations & Autonomy 2020 - Space Mission Architectures: Infinite Possibilities 2019 - Small Satellite Production - Driving a Revolution 2018 - Delivering MasTec has a penchant for acquisitions and strategic alliances for bolstering inorganic growth and expanding market share. Start a discussion below. The company serves renewable energy, electric power, oil and gas, water and sewer, civil and industrial, technology, communications and government sectors. JPMorgan's buying binge: Behind the strategy of its more Each violation of such an order may result in a civil penalty of up to $43,792. Holland & Knight Advises MasTec on $420 Million MasTecssuite of services, from clean energy power generation to our newly expanded power transmission and distribution capacity, positions us for strong growth in this expanding market.. JPMorgan CEO Jamie Dimon warned about the threat from fintechs 2 years ago. City of Tallahassee A variety of factors, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Second quarter-end backlog at the segment improved $489 million sequentially and it expects growth for the current year to be driven by persistent expansion of fiber optic networks, investments in wireless network capacity and 5G-related work. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. The deal was announced on May 5. Trends in grid fortification, renewable energy consumption, and electric This could have life-threatening impacts on patients receiving dialysis services, especially those with end-stage renal disease, which is characterized by a near total loss of kidney function. The acquisition would improve the market position and depth of MasTec's clean energy and infrastructure business, and overall scale and diversification. The Commission vote to accept the proposed consent order for public comment was 5-0. The FTC investigated this case in collaboration with the Utah Attorney Generals Office. Noke Inc., Creator of High-Tech Smart Locking Some better-ranked stocks in the same industry include Granite Construction Incorporated (GVA Quick QuoteGVA - Free Report) , Sterling Construction Company Inc. (STRL Quick QuoteSTRL - Free Report) and Tutor Perini Corporation (TPC Quick QuoteTPC - Free Report) . MasTec anticipates that post-acquisition leverage metrics will remain comfortably within its target range with ample liquidity. Energy Contract Originator This is a big concern, and it is compounded by the fact that the limited number of nephrologists available to work at the clinics creates an opportunity for anticompetitive restrictions on labor. Powder River Energy Corporation For the year ended December 31, 2021, Corporate EBITDA included $3.6 million of such acquisition and integration costs. Privacy Policy | No cost, no obligation to buy anything ever. WebMasTec Inc company profile analysis with the premuim data - Globaldata (2021) XXX 1.9% (2021 vs 2020) Market Cap* $7.2B. Whitney Capital Partners. The company installs wireless, wireline, and satellite communications; oil and gas pipeline infrastructure; conventional and renewable power generation; and other industrial systems. Franchisee Conversations with Chair Khan, DaVita Inc. and Total Renal Care, Inc., In the Matter of. Fourth quarter 2022 revenue was up 66.3% to $3.0 billion, compared to $1.8 billion for the fourth quarter of 2021. In addition, we believe that MasTec provides significant strategic growth opportunities and, as evidence of our strong belief in the merits of this combination, my brother Paul and I have requested, and will receive, a significant portion of the proceeds of the transaction in MasTec common stock.". Instructions for filing comments appear in the published notice. Bothactual fiscal 2021and expected post-acquisition 2022 results reflect impacts of underperforming communications and pipeline services operations, which are anticipated to improve over time. We believe that the addition of Henkels, coupled withMasTecsexisting operations, creates a market leading utility contractor with significant expertise, scale and capacity that can provide a complete and compelling suite of service offerings to our customers as they work to transition to renewable energy generation, modernize power grid systems and reduce carbon emissions.. Web Mastecs acquisition of INTREN and Henkels & McCoy has made them a market leader in the electrical transmission segment, enhancing the companys ability to increase its backlog. MasTec Dec. 21, 2021 MasTec, Inc. MTZ has inked a deal to acquire a leading U.S. private electrical power transmission and distribution utility services firm Henkels & McCoy Group Inc. (Henkels). According to the complaint, entry of new competitors in the greater Provo area is not likely, timely, nor sufficient to remedy the effects of the proposed acquisition. On February 4, 2021, MasTec acquired construction company FNF Construction from J.H. MasTec, Inc. (MTZ Quick QuoteMTZ - Free Report) is making the most of the countrys diligent focus on carbon neutrality. We are pleased to officially welcome the more than 5,100 Henkels team members to theMasTecfamily, said MasTec CEO Jose Mas in a Dec. 30 statement. Jose Mas, MasTec's Chief Executive Officer, commented, "As we end 2022, it is important to note the significant end market transformation we have undertaken over the past two years to support the nation's energy transition to sustainable renewable energy sources. Start a Post Learn more about posting on Energy Central . Dialysis service provider with history of fueling consolidation must seek FTC approval prior to any new deals; Agency policy statement confirms return of prior approval as standard practice, Competition and Consumer Protection Guidance Documents. Elk River, Minnesota, Electric Utility Engineer I/II/III IN TECHNOLOGY, MASTEC 100 UP TO TENS OF PERCENT, Central Electric Power Cooperative, Inc. MASTEC During the first six months of 2021, MasTec made seven acquisitions: a premier specialty utility contractor primarily providing electrical distribution network services; a heavy civil infrastructure construction company focusing on transportation projects; a heavy industrial general contractor with concrete, piping and electrical capabilities; a telecommunications and utility technical services company; a telecommunications and cable services provider; a utilities infrastructure company; along with a pipeline contractor. In the transaction, MasTec acquired all the equity interests of INTREN for approximately $420 million in cash plus a contingent earnout through year end 2021. Find the resources you need to understand how consumer protection law impacts your business. Specific factors that might cause such a difference include, but are not limited to: risks related to completed or potential acquisitions, including the acquisition of Henkels & McCoy Group, Inc., as well as the ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; risks related to adverse effects of health epidemics and pandemics or other outbreaks of communicable diseases, such as the COVID-19 pandemic, including its effect on supply chain or inflationary issues, as well as, the potential effects of the recently proposed vaccine mandates; market conditions, technological developments, regulatory or policy changes, including permitting processes and tax incentives that affect us or our customers' industries; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential adverse effects of public health issues, such as the COVID-19 pandemic on economic activity generally, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the industries we serve and the impact on our customers' expenditure levels caused by fluctuations in commodity prices, including for oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; the effect of state and federal regulatory initiatives, including costs of compliance with existing and potential future safety and environmental requirements, including with respect to climate change; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; restrictions imposed by our credit facility, senior notes and any future loans or securities; our ability to obtain performance and surety bonds; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; a small number of our existing shareholders have the ability to influence major corporate decisions; as well as other risks detailed in our filings with the Securities and Exchange Commission.
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