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Everus Construction Group Completes Spinoff From MDU Resources

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Everus Construction Group (NYSE: ECG) has completed its spinoff from MDU Resources Group (NYSE: MDU) and commenced trading on the NYSE. The separation was executed through a pro rata distribution where MDU stockholders received one share of ECG common stock for every four MDU shares held on October 21. Jeffrey S. Thiede, president and CEO, emphasized the company's position as a major specialty construction services provider, focusing on data center growth, grid modernization, and high-tech reshoring. The company aims to implement its 4EVER strategy and disciplined capital allocation initiatives as a standalone entity to drive profitable growth.

Everus Construction Group (NYSE: ECG) ha completato la sua scissione da MDU Resources Group (NYSE: MDU) e ha iniziato a essere quotata alla NYSE. La separazione è stata eseguita tramite una distribuzione pro rata, in cui gli azionisti di MDU hanno ricevuto un'azione ordinaria di ECG per ogni quattro azioni di MDU detenute al 21 ottobre. Jeffrey S. Thiede, presidente e CEO, ha sottolineato la posizione dell'azienda come fornitore principale di servizi di costruzione specializzati, con un focus sulla crescita dei centri dati, sulla modernizzazione della rete e sul reshoring high-tech. L'azienda mira a implementare la sua strategia 4EVER e iniziative di allocazione di capitale disciplinata come entità autonoma per promuovere una crescita profittevole.

Everus Construction Group (NYSE: ECG) ha completado su escisión de MDU Resources Group (NYSE: MDU) y ha comenzado a cotizar en la NYSE. La separación se llevó a cabo a través de una distribución pro rata, en la que los accionistas de MDU recibieron una acción ordinaria de ECG por cada cuatro acciones de MDU que poseían al 21 de octubre. Jeffrey S. Thiede, presidente y CEO, enfatizó la posición de la empresa como un proveedor importante de servicios de construcción especializados, centrándose en el crecimiento de centros de datos, modernización de la red y reshoring de alta tecnología. La empresa tiene como objetivo implementar su estrategia 4EVER y sus iniciativas de asignación de capital disciplinada como entidad independiente para impulsar un crecimiento rentable.

Everus Construction Group (NYSE: ECG)는 MDU Resources Group (NYSE: MDU)에서 분사하여 NYSE에서 거래를 시작했습니다. 이번 분리는 MDU 주주들이 10월 21일 기준으로 보유한 MDU 주식 4주당 ECG의 보통주 1주를 받는 방식으로 진행되었습니다. Jeffrey S. Thiede 사장 겸 CEO는 회사가 데이터 센터 성장, 그리드 현대화 및 하이테크 리쇼어링에 집중하는 주요 전문 건설 서비스 제공업체로서의 입지를 강조했습니다. 회사는 독립적인 사업체로서 수익성 있는 성장을 주도하기 위해 4EVER 전략과 체계적인 자본 배분 이니셔티브를 실행할 계획입니다.

Everus Construction Group (NYSE: ECG) a achevé sa scission d'avec MDU Resources Group (NYSE: MDU) et a commencé à être négociée sur le NYSE. La séparation a été réalisée par une distribution pro rata, où les actionnaires de MDU ont reçu une action ordinaire d'ECG pour chaque quatre actions de MDU détenues au 21 octobre. Jeffrey S. Thiede, président et PDG, a souligné la position de l'entreprise en tant que fournisseur majeur de services de construction spécialisés, se concentrant sur la croissance des centres de données, la modernisation du réseau et le reshoring de haute technologie. L'entreprise vise à mettre en œuvre sa stratégie 4EVER et des initiatives d'allocation de capital disciplinées en tant qu'entité autonome pour favoriser une croissance rentable.

Everus Construction Group (NYSE: ECG) hat seine Abspaltung von MDU Resources Group (NYSE: MDU) abgeschlossen und den Handel an der NYSE aufgenommen. Die Trennung erfolgte durch eine pro rata-Verteilung, bei der MDU-Aktionäre eine Aktie von ECG für jede vier gehaltenen MDU-Aktien zum 21. Oktober erhielten. Jeffrey S. Thiede, Präsident und CEO, betonte die Rolle des Unternehmens als bedeutenden Anbieter von spezialisierten Bauleistungen, mit Fokus auf das Wachstum von Rechenzentren, die Modernisierung des Stromnetzes und das High-Tech-Reshoring. Das Unternehmen beabsichtigt, seine 4EVER-Strategie und disziplinierte Kapitalallokationsinitiativen als eigenständige Einheit umzusetzen, um profitables Wachstum zu fördern.

Positive
  • Successfully completed spinoff becoming an independent, publicly traded company on NYSE
  • Strategic positioning in growing markets (data centers, grid modernization, high-tech reshoring)
  • Clear capital allocation strategy as standalone company
Negative
  • Shareholders face 4:1 dilution ratio in stock distribution

Insights

The spinoff of Everus Construction from MDU Resources marks a significant strategic move in the construction services sector. This transaction creates a pure-play specialty construction company focused on high-growth areas like data centers, grid modernization and high-tech reshoring. The 1:4 distribution ratio gives MDU shareholders direct exposure to these growth segments while maintaining their existing MDU position.

The standalone structure should provide Everus with greater operational flexibility and dedicated capital allocation strategies. As one of the largest specialty construction providers in the U.S., the company is well-positioned to capitalize on infrastructure spending trends and digital transformation initiatives. The separation allows investors to more precisely target exposure to specific market segments, potentially leading to better valuation alignment.

BISMARCK, N.D.--(BUSINESS WIRE)-- Everus Construction Group (NYSE: ECG) today announced the successful completion of its spinoff from MDU Resources Group, Inc. (NYSE: MDU). As a result of the spinoff, Everus will begin “regular way” trading on the New York Stock Exchange as its board of directors and leadership team celebrate becoming an independent, publicly traded company by ringing the Opening Bell®.

“Today marks an exciting milestone in Everus’ history, which would not have been possible without the hard work and dedication of our highly skilled team members across the country,” said Jeffrey S. Thiede, president and CEO of Everus. “We remain focused on our mission of safely Building America’s Future as one of the largest specialty construction services providers in the U.S. and are well-positioned to benefit from several powerful market drivers and industry megatrends, including data center growth, grid modernization and high-tech reshoring. Our proven leadership team is committed to executing on our 4EVER strategy, and we are ready to implement our disciplined capital allocation initiatives as a stand-alone company to drive sustained, profitable growth and long-term value for our shareholders.”

As previously announced, Everus’ separation occurred through a pro rata distribution of 100% of Everus’ outstanding shares of common stock to MDU Resources stockholders. On Oct. 31, MDU Resources’ stockholders retained their shares of MDU common stock while receiving one share of ECG common stock for every four shares of MDU stock held on the record date of Oct. 21. Additional details about the stock distribution and Everus’ business and management can be found in the final information statement filed as Exhibit 99.1 to an 8-K dated Oct. 18, which can be found at investors.everus.com.

Forward-Looking Statements

Information in this release includes certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release, including statements about future performance and statements made by the CEO, are expressed in good faith and are believed by the company to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements because of a variety of risks and uncertainties. For a discussion of important factors that could cause actual results to differ materially, refer to Everus’ Form 10 Registration Statement filed with the SEC. All forward-looking statements in this release are expressly qualified by these cautionary statements and by reference to the underlying factors. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Everus does not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, and changes in future operating results over time or otherwise.

About Everus Construction Group

Everus Construction Group, Inc. is Building America's Future™ by providing a full spectrum of construction services through its electrical and mechanical, and transmission and distribution specialty contracting services across the United States. These specialty contracting services are provided to utility, transportation, commercial, industrial, institutional, renewable and other customers. Its E&M contracting services include construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services. Its T&D contracting services include construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as manufacturing and distribution of transmission line construction equipment and tools. For more information about Everus, visit everus.com or email investors@everus.com.

Media: Laura Lueder, director of communications, 701-221-6444



Investor: Paul Bartolai, Vallum Advisors, 773-489-5692

Source: Everus Construction Group

FAQ

What is the stock distribution ratio for Everus Construction Group (ECG) spinoff from MDU Resources?

MDU Resources stockholders received one share of ECG common stock for every four shares of MDU stock held on the record date of October 21.

When did Everus Construction Group (ECG) begin trading on NYSE?

Everus Construction Group (ECG) began 'regular way' trading on the NYSE on October 31, 2023, following its spinoff from MDU Resources.

What are the main market drivers for Everus Construction Group (ECG)?

Everus Construction Group's main market drivers include data center growth, grid modernization, and high-tech reshoring.

MDU Resources Group, Inc.

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