'Blank Check' Company Merges With Indy Wind Farm Developer

Posted: Updated:
INDIANAPOLIS -

An Indianapolis-based renewable energy sector company is involved in a mega-merger. IEA Energy Services LLC has entered into an agreement with New York-based M III Acquisition Corp. (Nasdaq: MIII) in a combination that will create Infrastructure and Energy Alternatives Inc., which will be publicly traded under the symbol "IEA" on the Nasdaq Capital Market.

The price of the transaction at closing is expected to be $255 million, a price that could rise following an "earn out" for existing owners of up to 9 million shares of MIII common stock, which will be based on IEA's 2018 and 2019 EBITDA.

IEA was formed in 2011 and has since constructed some 200 wind projects throughout the country, which include over 7,200 wind turbines that churn out more than 14 GW of electricity. M III, known as a "blank check company" formed for the purpose of mergers and acquisitions, says current IEA Chief Executive Officer J.P. Roehm will remain head of IEA Energy Services once the merger is complete. He says "as a current leader in the booming renewables industry, we expect that the opportunities for IEA and our customers will only increase as a public company. Our entire team is excited about the opportunity to show public investors the strength of IEA and enable a wider range of shareholders to benefit from our success."

The new company will remain headquartered in Indianapolis. You can connect to more about the merger by clicking here.

  • Perspectives

    • What’s Your Biggest Waste of Money?

      Americans are in the age of reducing waste. There’s a big push to purchase sustainable products, reduce our usage of plastics, and recycle. But has this trend carried over to our personal finances?  Not really.  In a study by The Ascent, the financial expertise arm of The Motley Fool, more than 60 percent of respondents felt they have wasteful financial tendencies. Why is that?

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • (IIB Photo/Joe Ulery)

      Neighborhood Concerned About Old GM Site, Too

      As the city of Indianapolis and Ambrose Property Group squabble about the future of the old GM Stamping plant site in downtown Indy, a fight that could end up in court, residents who live near the property are weighing in with their concerns. Jay Napoleon, president of The Valley Neighborhood Association, says it’s important the mixed-use vision for the property remain intact. Napoleon and Ambrose Property Group Vice President Mali Simone Jeffers talked about the future of...

    • (Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.)

      Shelbyville Unveils Major Downtown Redevelopment

      The city of Shelbyville is announcing what it calls a major downtown redevelopment project to boost overall quality of life. The project plans feature green spaces, increased parking, market-rate housing, and infrastructure for public entertainment and community events. 

    • What’s Your Biggest Waste of Money?

      Americans are in the age of reducing waste. There’s a big push to purchase sustainable products, reduce our usage of plastics, and recycle. But has this trend carried over to our personal finances?  Not really.  In a study by The Ascent, the financial expertise arm of The Motley Fool, more than 60 percent of respondents felt they have wasteful financial tendencies. Why is that?

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to Fund AI Center

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.