September 02, 2021
Quanta Services, Inc. (NYSE: PWR) has announced that it has entered into a definitive agreement to acquire Blattner Holding Company (Blattner), one of the largest and leading utility-scale renewable energy infrastructure solutions provider in North America. Blattner provides front-end engineering, procurement, project management, and construction services to leading renewable energy developers for wind, solar, and energy storage projects, completing or awarded more than 300 wind projects (+49 GW installed generating capacity), more than 90 solar projects (+12 GW installed generating capacity) and 17 energy storage projects.
The transaction consideration of US$2.7 billion anticipated to be paid at closing will consist of approximately US$2.36 billion in cash, subject to a working capital adjustment, as well as shares of Quanta common stock valued at approximately US$340 million. Additionally, pursuant to the terms of the definitive agreement, Blattner owners will be eligible for an earnout payment that could provide additional consideration of up to US$300 million, to the extent certain financial performance targets are achieved.
Latham & Watkins LLP represents Quanta Services, Inc. in the transaction with a corporate deal team led by Houston partners Justin T. Stolte and Ryan Maierson, with Houston associates Thomas Verity, Denny Lee, Sarah Dunn, Brent Wagner, and Austin Sheehy. Advice was provided on commercial matters by Houston partner Jonathan Castelan, with Houston associates Sam Bentley and Morgan Moore; on tax matters by Houston partner Tim Fenn, with Houston associates Jared Grimley and Chelsea Munoz-Patchen; on finance matters by Houston partner Catherine Ozdogan; on regulatory matters by Washington, D.C. partner Jason Cruise and Washington, D.C. counsel Peter Todaro, with Washington, D.C. associate Matthew Piehl; on real estate matters by Chicago partner Rachel Bates, with Chicago associate Bryon Eagon; on environmental matters by Washington, D.C. partner James Barrett and Los Angeles counsel Joshua Marnitz, with Los Angeles associate Cody Kermanian; on benefits and compensation matters by Century City partner Julie Crisp, with Los Angeles associate Joe Benedetto; and on insurance matters by Los Angeles partner Drew Levin, with San Diego associate Hannah Cary.