Alliant Energy Corp. has entered into a definitive agreement to sell RMT Inc. (RMT), its renewable energy services subsidiary, to Infrastructure and Energy Alternatives LLC (IEA).
‘We announced our intent earlier this year to sell the RMT business because our belief was that RMT would be best served by an owner whose operations were better aligned with RMT's engineering and construction business,’ explains Patricia Kampling, Alliant Energy's chairman, president and CEO.
IEA is a provider of engineering, procurement and construction services to a variety of markets, including renewable energy and fossil generation across North America. RMT will become a subsidiary of IEA, working in its renewable energy group along with existing IEA subsidiary White Construction Inc. RMT's headquarters will remain in Madison, Wis.
UBS Investment Bank advised Alliant Energy on the transaction. Subject to customary closing conditions, the acquisition is expected to close in January 2013.