MasTec acquires Superior Group

MasTec, Inc. (NYSE: MTZ) announced a definitive agreement to acquire Electrical Specialists, Inc., d/b/a The Superior Group, a premier full-service electrical contractor focused on critical infrastructure, for approximately $1.65 billion. The purchase price consists of about $475 million in MasTec common stock and $1.175 billion in cash, with a potential earnout based on Superior's 36-month post-closing performance. Superior, headquartered in Columbus, Ohio, and led by the Stewart family since the mid-1980s, has approximately 3,000 employees and is a leader in data center infrastructure, also serving healthcare, entertainment, and industrial markets. The acquisition expands MasTec's capabilities from outside-the-fence (power generation, transmission) to inside-the-fence electrical systems, positioning it to serve the growing demand for data center and mission-critical infrastructure. Superior's management, including Chairman and CEO Bryan Stewart, will remain in place. The transaction is expected to close in mid-to-late July 2026, subject to regulatory approval. MasTec expects the acquisition to be immediately accretive to revenue, adjusted EBITDA, adjusted diluted EPS, and cash flow from operations, with Superior projected to contribute $800M-$900M revenue and $100M-$115M adjusted EBITDA for the remainder of 2026, and $2.2B-$2.5B revenue and $250M-$275M adjusted EBITDA for full year 2027.