MasTec Acquires Superior Group for $1.65 Billion
MasTec last night announced that it has entered into a definitive agreement to acquire Electrical Specialists, d/b/a The Superior Group, a full-service electrical contractor focused on critical infrastructure. The purchase price is approximately $1.65B, consisting of approximately $475M payable in shares of MasTec common stock and approximately $1.175B payable in cash, subject to customary purchase price adjustments. Additionally, there is a potential earnout payment based on the cumulative 36-month financial performance of Superior post-closing. MasTec anticipates funding the cash portion of the transaction with a combination of cash on hand, drawings under its existing credit facility and drawings under two delayed draw term loan facilities entered into contemporaneously with the definitive acquisition agreement. The transaction is subject to customary conditions, including antitrust regulatory approval, with an anticipated closing date in mid to late July 2026. "With a heritage dating to 1925 and headquartered in Columbus, Ohio, Superior has been led by the Stewart family since the mid-1980s, when Greg Stewart acquired an ownership interest. Under Bryan Stewart's leadership, Superior has grown into one of the nation's largest electrical contractors, with approximately 3,000 employees and a proven track record of delivering complex, large-scale projects across the United States. Superior is a recognized leader in building data center infrastructure and also serves a diverse set of end markets including healthcare, entertainment and industrial. Superior provides end-to-end electrical solutions spanning design, preconstruction, construction, project management, engineering, integrated systems, prefabrication, modular manufacturing and ongoing maintenance, repair and retrofit services for a high-quality customer base. The acquisition further advances MasTec's strategy of building a scaled infrastructure capacity platform positioned to serve accelerating demand for data center, power and other mission-critical infrastructure. The combination expands MasTec's infrastructure capabilities across a broader range of mission-critical requirements, extending MasTec's expertise from power generation and grid interconnection through electrical systems, connectivity and long-term maintenance services. For the four years ending December 31, 2025, Superior delivered double-digit compounded growth in both revenue and net income, driven by increasing demand for data center and mission-critical infrastructure, strong customer relationships and consistent execution on large, complex projects. Superior is projected to generate full year 2026 revenue and Adjusted EBITDA of approximately $1.6 billion to $1.7 billion and approximately $225 million to $250 million, respectively. Superior will serve as a new operating group of MasTec, and Superior's financial results are expected to be reflected in the Power Delivery segment," the company stated.
