Why MasTec Shares Are Falling Today
Construction company MasTec (NYSE: MTZ) is making a big bet on clean energy and infrastructure, agreeing to buy Infrastructure & Energy Alternatives (IEA) (NASDAQ: IEA) for $1.1 billion in cash and stock. Investors in the two companies had mixed reactions, with shares of IEA up nearly 30% and shares of MasTec down 10% in Monday morning trading.
MasTec is a construction and engineering company that has long had ties to the energy industry, working on some of the largest oil and gas, power generation, and power delivery projects around the world. The company's deal for IEA would also make it a leader in renewables. The target has completed more than 260 utility-scale wind and solar projects across North America.
"We are proud to expand our service capabilities, scale and expertise providing critical infrastructure to support the nation's energy transition to secure and sustainable renewable sources," MasTec CEO Jose Mas said in a statement.
Source Fool.com
