Integrated Electrical Services Closes MISCOR Acquisition

(RTTNews) - Integrated Electrical Services Inc. (IESC) said Friday it has completed its acquisition of MISCOR Group Ltd., a provider of electrical and mechanical solutions.

The deal is part of Integrated Electrical's strategic plan to invest in companies that meet its strategic and financial criteria and allow it to accelerate the utilization of its net operating loss carryforwards.

At special meetings held on September 12, 80.4% of MISCOR's shareholders voted to approve the merger of MISCOR with and into IES Subsidiary Holdings Inc., a unit of Integrated Electrical.

Also, 82.7% of Integrated Electrical's stockholders voted to issue shares of Integrated Electrical common stock to MISCOR shareholders in connection with the deal.

Pursuant to the merger agreement, each issued and outstanding share of MISCOR common stock was converted into the right to receive, at the election of the holder, either stock consideration of 0.3118 shares of IES common stock or cash consideration of $1.48.

Integrated Electrical issued about 2.8 million shares of common stock and paid about $4.1 million in cash to MISCOR shareholders in connection with the merger.