IES To Acquire Gulf Island In $192 Mln Cash Deal, Stock Up

(RTTNews) - IES Holdings (IESC) announced on Friday that it has agreed to acquire Gulf Island Fabrication (GIFI) for $12 per share in cash, valuing the steel fabricator at about $192 million.

According to IES, the acquisition enhances its capacity to support infrastructure and data center projects in the United States, broadens its Gulf Coast footprint, and adds specialized manufacturing capabilities. According to Gulf Island executives, the deal sets up the company for long-term growth and offers a 52 percent premium.

The deal was approved by the boards of both companies and is anticipated to close by March 2026. Around 20 percent of Gulf Island's stockholders have pledged their support for the deal.

GIFI is currently trading at $11.76, up $3.89 or 49.43 percent on the Nasdaq.