Shares of MTZ are trading -6% lower today. A closer look at the stock:

Shares of Mastec Inc (MTZ) are trading -6% lower at a price of $68.52 at the time of this writing.

MasTec offered $14 per share for IEA stock, mostly in cash but with some in the form of MTZ equity. The offered price is a 34% premium over IEA’s last closing price.

The CEO of MasTec, Jose Mas, said the following about the deal:

"We believe that the addition of IEA’s union based clean energy power generation services, coupled with MasTec and IEA’s combined non-union craft labor capacity, will provide increased scale and capacity needed to meet expected growing customer demand for renewable power generation over the next decade."

The deal is expected to close in the fourth quarter of 2022. Mastec Inc has been trading between a 52-week high of $104.45 and a 52-week low of $62.64. The stock has a market cap of $5.2 Billion.

MasTec, Inc. is a specialty contractor operating across a range of industries. The Company activities are the building, installation, maintenance, and upgrade of utility and communications infrastructure, including electrical utility transmission and distribution, wind farms, solar farms, renewable energy and natural gas infrastructure, wireless, and wireline.

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Shares of MTZ are trading -6% lower today. A closer look at the stock:

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