Two of the biggest engineering, procurement and construction firms in the U.S. energy sector could be one soon if the merger is approved by the end of the year.
Quanta Services announced earlier this month it had agreed to acquire Blattner Holding Co. Minnesota-based Blattner Energy has delivered more than 400 energy infrastructure projects across North America, including hundreds of wind, solar and energy storage installations.
The $2.7 billion deal, including more than $2.3 billion in cash, would position Quanta as one of the largest EPC firms in the market. Combined revenue from the two companies last year totaled more than $13 billion.
“Both Blattner and Quanta are rooted in entrepreneurial, family-operated businesses that are focused on safety and care deeply about their employees,” Duke Austin, CEO of Houston-based Quanta, 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.
The combination would heighten Quanta’s exposure to the utility-scale renewables construction market. Blattner alone has started or completed more than 300 wind projects, while its buyer has done significant work in transmission and substation infrastructure.
Blattner’s existing management team will remain in place, with Scott Blattner continuing in his leadership role as President. The family-owned company was founded in 1907.
The transaction has been unanimously approved by the Board of Directors of both Quanta and Blattner and is expected to close in the fourth quarter of 2021.
A 2019 report by Energy Acuity ranked both Quanta and Blattner in the top 10 of U.S. EPC firms in terms of MW installed.