Business
IES Holdings to Acquire Gulf Island Fabrication
Transaction expands IES’s fabrication footprint and adds services capabilities HOUSTON and THE WOODLANDS, Texas, Nov. 07, 2025 (GLOBE NEWSWIRE) -- IES
About this update from Ies Holdings, Inc.
[{"type":"text","content":"Transaction expands IES’s fabrication footprint and adds services capabilities\nHOUSTON and THE WOODLANDS, Texas, Nov. 07, 2025 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (“IES”) (NASDAQ: IESC) and Gulf Island Fabrication, Inc. (“Gulf Island”) (NASDAQ: GIFI) today announced that they have entered into a definitive agreement, providing for the acquisition of Gulf Island, a leading steel fabricator and service provider to the industrial, energy and government sectors, by IES. Under the terms of the agreement, IES will pay $12.00 in cash per Gulf Island share, or an aggregate equity value of approximately $192 million. The transaction has been approved by the boards of directors of both companies and is currently expected to close in the quarter ending March 31, 2026, subject to Gulf Island shareholder approval, regulatory approvals (including clearance under the Hart-Scott-Rodino Antitrust Improvements Act) and other customary closing conditions. Certain holders of approximately 20% of Gulf Island’s outstanding shares of common stock have entered into voting agreements to support the transaction, and IES, which owns approximately 3.5% of Gulf Island’s outstanding shares of common stock, has also agreed to vote in favor of the transaction. Strategic Rationale Strategically located Gulf Coast fabrication campus: Gulf Island’s Houma, Louisiana facility, which consists of a 450,000-square foot fabrication and operations facility on 160 acres, offers a strategic complement to IES’s footprintExpanded services capabilities: Provides an experienced craft workforce and specialty services with proven ability to support complex, schedule-driven projectsAligned with U.S. infrastructure needs: Enhances IES’s ability to support the building and rebuilding of U.S. infrastructureOperational continuity and culture: Shared focus on safety, quality and execution with complementary customer relationships Matt Simmes, President and Chief Executive Officer of IES, commented, “Gulf Island’s team and its Houma footprint strategically expand our capabilities to deliver complex steel structures and specialty services that support our continued growth in the data center market as well as the building and rebuilding of U.S. infrastructure. We look forward to welcoming Gulf Island’s employees and serving customers with greater scale and flexibility.” “We are exci...