IES Holdings Inc. (NASDAQ:IESC) and Gulf Island Fabrication Inc. (NASDAQ:GIFI) announced on Friday that they have entered into a definitive agreement under which IES will acquire Gulf Island for approximately $192 million in cash.

Under the terms, Gulf Island shareholders will receive $12 per share in cash, representing a 52% premium to the stock’s last close.

The deal, unanimously approved by both boards, is expected to close by the quarter ending March 31, 2026, pending regulatory and shareholder approvals.

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The acquisition will add Gulf Island’s 450,000 sq. ft. fabrication facility in Houma, Louisiana, and a skilled craft workforce that supports large-scale, complex construction and manufacturing projects across energy, industrial, and infrastructure sectors..

Both companies share a strong operational culture built on safety, quality, and disciplined execution, supported by complementary customer relationships.

About 20% of Gulf Island’s shareholders have agreed to vote in favor of the transaction, which includes IES’s existing 3.5% stake in the company.

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.”

“IES’s long-term strategy and resources will help us accelerate our initiatives while maintaining our commitment to safety, quality and on-time delivery for our customers,” stated Richard Heo, President and Chief Executive Officer of Gulf Island.

Price Action: GIFI shares were trading higher by 49.56% to $11.77 at last check Friday. IESC was down 2.44%.

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