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Quanta Buys Blatter Holdings Co. to Boost Renewables Biz in $2.7 Billion Deal

Sept. 9, 2021
Founded in 1907 and headquartered in Avon, MN, Blattner provides front-end engineering, procurement, project management and construction services to renewable energy developers for wind, solar and energy storage projects.

Quanta Services Inc., Houston, will be acquiring Blattner Holding Co., said to be one of the largest utility-scale renewable energy infrastructure solutions provider in North America for approximately $2.7 billion. Founded in 1907 and headquartered in Avon, MN, Blattner provides front-end engineering, procurement, project management and construction services to renewable energy developers for wind, solar and energy storage projects.

Through its geographically and technologically diverse capabilities, Blattner has completed or been awarded more than 300 wind projects with 49 GW installed generating capacity and more than 90 solar projects with 12 GW installed generating capacity. It has also engineered 17 energy storage projects. Over the last several years, Blattner has achieved double-digit organic revenue and profit growth by leveraging its operational expertise and collaborative customer relationships. Blattner generated full-year 2020 revenues and adjusted EBITDA of approximately $2.4 billion and $291 million, respectively.

Duke Austin, Quanta's president and CEO, said in the press release, “We believe what Quanta is to the electric power solutions industry, Blattner is to the utility-scale renewable energy solutions industry. Together, we will be focused on what we believe are the most attractive areas of the electric infrastructure complex. Blattner will bring an exceptional management team that we believe will enhance our ability to collaborate with our customers to shape North America's energy transition to a carbon-neutral economy. Blattner has a strong and visible project backlog, and we believe their financial contribution will be accretive to Quanta's growth, margins, cash flow conversion and earnings per share."

Scott Blattner, president of Blattner Holding Co., said in the release, "Our industry is on the cusp of significant evolution and this is an opportunity to add the additional scale and resources needed for our organization to continue leading and delivering certainty to our renewable energy customers. Blattner was looking for a strategic partner with the resources and capabilities that will provide us the opportunity to strengthen our market position, take advantage of next-generation opportunities emerging in the renewable energy market and continue to contribute to the long-term success of our employees and customers. To that end, we believe Quanta is the ideal partner for Blattner."

Blattner's existing management team will remain in place, with Scott Blattner continuing in his leadership role as president.

Quanta's stock price surged on the news, with an increase of more than +11% to an all-time record of $112.45 per share.