‘Blank Check’ Company Merges With Indy Wind Farm Developer

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.