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Weekly Digest July 27

Weekly M&A Digest
A curated selection of transactions and deals from the past week.
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Deal Summary

MasTec to acquire Infrastructure and Energy Alternatives, Inc.

MasTec (NYSE: MTZ), an American multinational infrastructure engineering and construction company, announced the acquisition of Infrastructure and Energy Alternatives, Inc. ("IEA") (Nasdaq: IEA), an infrastructure construction company with specialized energy and heavy civil expertise, for $14.00 per IEA share (approximately $1.9 Billion).

"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. We are excited to welcome JP, the IEA management team and almost 6,000 IEA team members to the MasTec family. We have long admired IEA's operating excellence, and we have a strong cultural alignment with IEA in safety and customer service." - Jose Mas, CEO of MasTec.

The transaction is expected to close during the fourth quarter of 2022, subject to customary closing conditions and regulatory approvals.

Schaeffler to acquire Ewellix from Triton

Schaeffler AG, a global supplier to the automotive and industrial sectors, announced the acquisition of Ewellix, a manufacturer of actuation and linear motion products, from Triton Partners. The Ewellix Group's products are highly complementary to the existing product portfolio in Schaeffler's Industrial division.

"By acquiring Ewellix, we are further strengthening our industrial business and are continuing to follow through on our strategy despite these volatile times…This acquisition represents a further step in the diversification of our business as a global automotive and industrial supplier and will put us in an even stronger position to invest in attractive growth markets. The deal is another key milestone that will make the Schaeffler Group even better prepared for the future." - Klaus Rosenfeld, CEO of Schaeffler AG.

Mercer International to acquire Holzindustrie Torgau ("HIT")

Mercer International Inc. (Nasdaq: MERC), a producer of market pulp and a growing leader in the solid wood products space, announced the acquisition of HIT, a wood processing company, for €270 million, inclusive of forecasted net working capital of approximately €43 million. HIT owns, 100% of a timber processing and value-add pallet production facility in Torgau, Germany (the "HIT Facility ") and a wood processing facility in Dahlen, Germany that produces garden products, among other assets.

"This acquisition significantly increases our solid wood operations in Germany. It will allow us to capitalize on synergies with our German operations, including complementing our Friesau sawmill. Additionally, the acquisition will allow us to diversify our product mix with the introduction of pallets and biofuels." - Juan Carlos Bueno, CEO of Mercer International.

The transaction is subject to customary closing conditions and regulatory approvals.

Satair acquires VAS Aero Services

Satair, an Airbus Services company and leader in the commercial aerospace aftermarket, announced the acquisition of VAS Aero Services, LLC, an aftermarket services provider in the aviation industry. The acquisition complements Satair's existing offerings through VAS' expertise in managing engine and multi-fleet Used Serviceable Material (USM) products, which will play a key role in Satair's strategic growth initiative segment.

"The customers' demands are changing and we observe a clear prioritization of maximizing value through the complete aircraft lifecycle and beyond, focusing on cost-effectiveness and sustainability. With this acquisition, we are addressing the customers' needs and securing Satair's future footprint as a leading player in the material and USM business. Thereby, we are enhancing our capabilities to serve our customers and OEMs through the complete aircraft lifecycle. This acquisition is also a natural fit to Satair's overall strategy and a complement to the Airbus sustainability agenda at large," - Bart Reijnen, CEO of Satair.

HEICO to acquire Accurate Metal Machining

HEICO Corporation (NYSE:HEI.A and HEI), a manufacturer of jet engine and aircraft component replacement parts announced the acquisition of 96% of Accurate Metal Machining Inc., a manufacturer of steel and alloy components.

"By treating each customer relationship as a long-term priority, Accurate has established itself as the manufacturer of choice for semiconductor capital equipment and aerospace manufacturers. In an industry where delivering high quality parts at reasonable prices on-time is hard to find, we were impressed with Accurate's history of fulfilling its promises to customers. We look forward to adding Accurate's unique capabilities and welcoming its exceptional Team Members into the HEICO Family." - Laurans A. Mendelson, CEO of HEICO.

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