IES Holdings to Acquire Gulf Island Fabrication
IES Holdings, Inc. and Gulf Island Fabrication, Inc. 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 footprint
- Expanded services capabilities: Provides an experienced craft workforce and specialty services with proven ability to support complex, schedule-driven projects
- Aligned with U.S. infrastructure needs: Enhances IES’s ability to support the building and rebuilding of U.S. infrastructure
- Operational continuity and culture: Shared focus on safety, quality and execution with complementary customer relationships
In light of the proposed transaction with IES, Gulf Island will not hold an earnings conference call to discuss its financial results for the third quarter ended September 30, 2025.
