SOLV Energy launches public offering of 14 million Class A shares

SOLV Energy Inc. (NASDAQ: MWH) announced the launch of a public offering of 14 million shares of Class A common stock. The offering includes 7,185,181 shares from affiliates of American Securities LLC and 6,814,819 shares from the company.

The underwriters will receive a 30-day option to purchase up to an additional 2.1 million shares at the public offering price, less underwriting discounts and commissions. American Securities affiliates and SOLV Energy would provide approximately 1,077,778 and 1,022,222 additional shares respectively under this option.

SOLV Energy plans to use net proceeds from its portion of the offering to purchase limited liability company interests in SOLV Energy Holdings LLC from existing holders, including American Securities affiliates and certain directors and executive officers. The company will not receive proceeds from shares sold by the selling stockholders.

Jefferies and J.P. Morgan serve as joint lead book-running managers for the offering. The securities will be offered through a prospectus, with a registration statement on Form S-1 filed with the Securities and Exchange Commission but not yet effective.

SOLV Energy provides infrastructure services to the power industry, including engineering, procurement, construction, testing, commissioning, operations and maintenance. The company states it has built more than 500 power plants representing over 21 GW of generating capacity since 2008, and provides operations and maintenance services to 155 operating power plants representing nearly 22 GW of generating capacity.

The information is based on a company press release statement.

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