MasTec, Inc. has entered into a definitive agreement to acquire Electrical Specialists, Inc., d/b/a The Superior Group, for approximately $1.65 billion to expand its infrastructure capabilities across data center and mission-critical end markets. The transaction comprises approximately $475 million payable in shares of MasTec common stock and approximately $1.175 billion payable in cash, subject to customary purchase price adjustments. The acquisition is anticipated to close in mid to late July 2026, subject to antitrust regulatory approval.

The acquisition advances MasTec’s strategy of building a scaled infrastructure capacity platform to serve accelerating demand for data center, power, and mission-critical infrastructure. The combination extends MasTec’s expertise from power generation and grid interconnection through electrical systems, connectivity, and long-term maintenance services. The Superior Group will serve as a new operating group within MasTec, and its financial results are expected to be reflected in the Power Delivery segment.

Financial Projections

The Superior Group 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. For the remainder of 2026, MasTec expects The Superior Group to contribute revenue of $800 million-$900 million, Adjusted EBITDA of $100 million-$115 million, and Adjusted Diluted EPS of $0.50-$0.65. For full year 2027, MasTec expects The Superior Group to generate revenue of $2.2 billion-$2.5 billion and Adjusted EBITDA of $250 million-$275 million.

Strategic Rationale and Integration

The addition of The Superior Group extends MasTec's capabilities inside the fence with electrical systems, integrated building systems, and ongoing facility services. The Superior Group brings direct, strategic relationships with leading hyperscalers, data center developers, general contractors, and technology customers. The company provides access to one of the largest and most scalable skilled electrical labor platforms in the U.S., with approximately 3,000 employees.

Jose Mas, Chief Executive Officer of MasTec, stated that The Superior Group expands the company's ability to serve the ongoing buildout of data center, power, and mission-critical infrastructure. The existing management team of The Superior Group, including Bryan Stewart, Chairman and CEO, will remain in place to lead the new operating group. 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.

MasTec, Inc. has appointed Manny Miranda to its Board of Directors as a Class II Director, effective immediately. The appointment leverages Miranda's extensive background in the utility sector to bolster the company's strategic oversight of infrastructure projects. This move aims to enhance MasTec's positioning as a supplier of choice for critical utility infrastructure deployment.

Miranda brings more than 40 years of experience in the utility industry, with deep expertise across electric and natural gas utility operations. His career includes leadership responsibilities at Florida Power & Light and Florida City Gas, spanning transmission, substations, distribution, engineering, construction, and system reliability. He has overseen large-scale capital investment programs and utility infrastructure planning, ensuring the safe delivery of energy to millions of customers.

Professional Background and Education

Miranda holds a Bachelor of Science degree in mechanical engineering from the University of Miami and a Master of Business Administration from Nova Southeastern University (NSU). He currently serves as a Director on the Board of CenterPoint Energy, Ubicquia, Inc., and the University of Miami College of Engineering Advisory Board. His previous board roles include the Board of Governors for NSU's H. Wayne Huizenga School of Business and Entrepreneurship, as well as the Southeastern Electric Exchange and the Association of Edison Illuminating Companies.

Strategic Implications

MasTec's Chairman, Jorge Mas, highlighted that Miranda's experience provides a unique perspective on the opportunities and challenges facing the company's customers. Mas stated that Miranda's understanding of electric and natural gas infrastructure, combined with his operational expertise, will be invaluable as MasTec continues to build and modernize North America's critical infrastructure.

Miranda expressed his honor in joining the Board, noting his long-standing familiarity with the company. He aims to leverage his knowledge of utility operations to enhance MasTec's strategic positioning with utility clients and reinforce its role as a leading utility contractor in the United States.

About MasTec, Inc.

MasTec, Inc. is a leading North American infrastructure engineering and construction company. It operates primarily through four business segments: Communications, Power Delivery, Pipeline Infrastructure, and Clean Energy and Infrastructure. The company focuses on engineering, building, installing, maintaining, and upgrading communications, energy, utility, and other infrastructure.