BISMARCK, N.D., Nov. 1, 2024
/PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) today
announced the successful completion of the spinoff of its
construction services subsidiary, Everus Construction Group (NYSE:
ECG). As a result of the spin-off, Everus is now an independent
public company.
"This achievement is truly remarkable, and a testament to the
hard work and dedication of our employees," said Nicole Kivisto, president and CEO of MDU
Resources. "The successful spinoff of Everus within two years of
spinning off Knife River Corporation emphasizes our strategic
vision for MDU Resources as a pure-play regulated energy delivery
business. We expect this move will create value for our
shareholders and allow each company to thrive independently."
Distribution Details
As previously announced,
the separation was achieved through a pro rata distribution of all
outstanding shares of Everus common stock to
MDU Resources stockholders. As of 11:59 p.m. ET on October
31, 2024, MDU Resources stockholders received
one share of Everus common stock for every four shares
of MDU Resources common stock held as of the close of
business on October 21, 2024, the
record date for the distribution. Fractional shares of
Everus common stock were not distributed; instead, they were
aggregated and sold on the open market, with the net proceeds
distributed as cash payments to stockholders who would have
otherwise received fractional shares.
Trading Information
Everus common stock will
begin "regular way" trading today on the New York Stock Exchange
(NYSE) under the ticker symbol "ECG." MDU
Resources will continue to trade on the NYSE under the ticker
symbol "MDU."
Tax Information
The distribution is expected to
be tax-free to MDU Resources stockholders for U.S.
federal income tax purposes, except for cash received in lieu of
fractional shares. Stockholders are encouraged to consult their tax
advisors regarding the specific tax consequences of the
distribution.
Advisors
J.P. Morgan Securities LLC and
PJT Partners are serving as financial advisors for the
transaction; Wachtell, Lipton, Rosen & Katz is
serving as legal advisor.
Forward-Looking Statements
This release contains
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934. These statements are based on
current expectations and involve risks and uncertainties that could
cause actual results to differ materially. For a discussion of
important factors that could cause actual results to differ, refer
to MDU Resources' most recent Form 10-K and Form 10-Q filings with
the SEC.
About MDU Resources
MDU Resources Group, Inc., a
member of the S&P SmallCap 600 Index, provides essential
products and services through its regulated energy delivery
businesses. Founded in 1924, the company is celebrating its 100th
anniversary; learn more at www.mdu.com/100th-anniversary. For
more information about MDU Resources, visit www.mdu.com or contact
the Investor Relations Department at
investor@mduresources.com.
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.
Investor Contacts: Brent Miller, MDU Resources
assistant treasurer and director of financial projects and investor
relations, 701-530-1730
Paul Bartolai with Vallum Advisors
for Everus, 773-489-5692
Media Contacts: Byron Pfordte, MDU Resources manager
of integrated communications, 208-377-6050
Laura Lueder, Everus director of
communications, 701-221-6444
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SOURCE MDU Resources Group, Inc.