MasTec To Acquire Superior Group

(RTTNews) - MasTec (MTZ) has entered into a definitive agreement to acquire Electrical Specialists, Inc., d/b/a The Superior Group, a full-service electrical contractor focused on critical infrastructure. 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. The purchase price is approximately $1.65 billion, consisting of approximately $475 million payable in shares of MasTec common stock and approximately $1.175 billion payable in cash. Also, there is a potential earnout payment based on the cumulative 36-month financial performance of Superior post-closing.

MasTec expects Superior to be immediately accretive to revenue, adjusted EBITDA, adjusted EPS and Cash Flow from Operations. For the remainder of 2026, MasTec expects Superior to contribute revenue of $800 million-$900 million, adjusted EBITDA of $100 million-$115 million and adjusted EPS of $0.50-$0.65. For full year 2027, MasTec expects Superior to generate revenue of $2.2 billion-$2.5 billion and adjusted EBITDA of $250 million-$275 million. Superior's financial results are expected to be reflected in the Power Delivery segment.

At last close, MasTec shares were trading at $358.85, down 5.72%.