Deal Details

SOLV Energy Completes $540.0 Million Follow-On Offering

Technology & Services
Energy

SOLV Energy follow-on offering

Summary

SOLV Energy, Inc. (“SOLV Energy” or the “Company”) (NASDAQ: MWH) recently announced the pricing of an upsized public offering of 15,000,000 shares of its Class A common stock at a public offering price of $36.00 per share, generating gross proceeds of approximately $540.0 million (the "Offering”). The Offering consisted of 7,698,410 shares sold by certain selling stockholders affiliated with American Securities LLC (“American Securities” or the “Selling Stockholders”) and 7,301,590 shares sold by the Company. The Selling Stockholders and the Company have granted the underwriters a 30-day option to purchase up to an additional 1,154,760 shares and 1,095,240 shares, respectively, of SOLV Energy’s Class A common stock.

SOLV Energy intends to use the net proceeds it receives from the Offering to purchase limited liability company interests in SOLV Energy Holdings LLC from the existing holders thereof, including affiliates of American Securities, certain of its directors and, indirectly, its executive officers. SOLV Energy will not receive any proceeds from the sale of shares of Class A common stock by the Selling Stockholders.

Baird served as a bookrunner on this Offering.

Key Offering Metrics

Launch Date - May 26, 2026
Pricing Date - May 28, 2026
Exchange / Ticker - NASDAQ / MWH
Shares Offered - 15,000,000
Offer Price - $36.00
Base Offering Size - $540.0 million (100% secondary)
Overallotment Option - $81.0 million (100% secondary)
Pre-Deal Market Cap - $8.0 billion
Discount to Last Trade - (1.9%)
File-to-Offer Discount- (8.8%)
Base Deal Size as a % of Pre-Deal Market Cap - 6.8%
Execution - 2-Day Marketed Follow-On

About

SOLV Energy is a leading provider of infrastructure services to the power industry, including engineering, procurement, construction, testing, commissioning, operations, maintenance and repowering. Since 2008, SOLV Energy has built more than 500 power plants, representing 21 GW of generating capacity. SOLV Energy also provides operations and maintenance (O&M) services to 155 operating power plants, representing nearly 22 GW of generating capacity. In addition to EPC and O&M for utility-scale power plants and related T&D infrastructure, SOLV Energy offers large-scale repair, emergency response and repowering services and install end-to-end SCADA and network infrastructure solutions to maximize project performance and energy availability. SOLV Energy is headquartered in San Diego, California.

American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $23 billion under management. American Securities is based in New York, New York.

Technology & Services
Energy

SOLV Energy follow-on offering