Quanta Services Inc. announced on Sept. 2 plans for a $2.7 billion acquisition.
Quanta, a publicly traded provider of contracting services to the utility, communications, pipeline and energy industries based in Houston, entered into a definitive agreement to purchase Blattner Holding Co. as it seeks to grow its renewable energy offerings, especially those tied to the wind, solar and energy storage spaces.
Latham & Watkins represented Quanta in the transaction with a Houston-based corporate team led by partners Justin T. Stolte and Ryan Maierson along with Houston associates Thomas Verity, Denny Lee, Sarah Dunn, Brent Wagner and Austin Sheehy.
Houston partners Jonathan Castelan, Tim Fenn and Catherine Ozdogan, in addition to Houston associates Sam Bentley, Morgan Moore, Jared Grimley and Chelsea Muñoz-Patchen, provided further Texas-based counsel.
Quanta deputy general counsel Brett Schrader, an alum of Akin, Gump, Strauss, Hauer & Feld, King & Spalding and Porter & Hedges, led Quanta’s in-house efforts.
Donald Wayne serves as Quanta’s EVP, general counsel. Wayne joined Quanta after working for a few of its predecessor companies, such as Exterran Holdings and Universal Compression Holdings, in addition to practicing at Euless-based U.S. Concrete and Akin Gump, among others.
Acting as financial advisor to Quanta was Lazard.
JPMorgan Securities advised Blattner on financial matters.
Quanta is expected to pay Blattner – the parent company of Blattner Energy Inc. and D.H. Blattner & Sons Inc. – $2.36 billion in cash at closing, along with common shares valued at about $340 million.
Minnesota-based, family-operated Blattner has completed or been awarded more than 300 wind projects, more than 90 solar projects and 17 energy storage projects.
“We believe what Quanta is to the electric power solutions industry, Blattner is to the utility-scale renewable energy solutions industry,” said Quanta president and chief executive Duke Austin in a prepared statement. “Together, we will be focused on what we believe are the most attractive areas of the electric infrastructure complex.”
Quanta shares, which trade under “PWR” on the New York Stock Exchange, were up by more than 9% in early trading on the news.