IES Holdings to acquire Gulf Island Fabrication for $12.00 per share in cash

IES Holdings (IESC) and Gulf Island Fabrication (GIFI) 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 $192M. 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 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. 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.