MasTec announced a definitive agreement to acquire Electrical Specialists, doing business as The Superior Group, for approximately $1.65 billion. The deal is intended to expand MasTec’s infrastructure capabilities across data center and mission-critical end markets.
The purchase price consists of 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 transaction also includes a potential earnout based on Superior’s cumulative 36-month financial performance after closing.
Founded in 1925 and headquartered in Columbus, Ohio, Superior is a full-service electrical contractor focused on critical infrastructure. The company has been led by the Stewart family since the mid-1980s and has grown into one of the largest electrical contractors in the U.S.
Superior has approximately 3,000 employees and delivers complex, large-scale projects across the country. The company is a recognized leader in data center infrastructure and also serves healthcare, entertainment, industrial, and other end markets.
Superior provides end-to-end electrical solutions spanning design, preconstruction, construction, project management, engineering, integrated systems, prefabrication, modular manufacturing, maintenance, repair, and retrofit services.
MasTec said the acquisition further advances its strategy of building a scaled infrastructure capacity platform for accelerating demand tied to data centers, power, and other mission-critical infrastructure. The deal expands MasTec’s capabilities from power generation and grid interconnection to electrical systems, connectivity, and long-term maintenance services.
Superior is projected to generate full-year 2026 revenue of approximately $1.6 billion to $1.7 billion and adjusted EBITDA of approximately $225 million to $250 million. Superior will operate as a new MasTec operating group, with its financial results expected to be reflected in the Power Delivery segment.
MasTec expects the acquisition to be immediately accretive to revenue, adjusted EBITDA, adjusted diluted EPS, and cash flow from operations. For the remainder of 2026, Superior is expected to contribute revenue of $800 million to $900 million, adjusted EBITDA of $100 million to $115 million, and adjusted diluted EPS of $0.50 to $0.65.
For full-year 2027, MasTec expects Superior to generate revenue of $2.2 billion to $2.5 billion and adjusted EBITDA of $250 million to $275 million. Superior’s existing management team, including Chairman and CEO Bryan Stewart, will remain in place.
The transaction is subject to customary conditions, including antitrust regulatory approval. The deal is expected to close in mid-to-late July 2026.
Lazard is serving as financial advisor to MasTec. Holland & Knight and Fried Frank are serving as MasTec’s transaction and financing legal advisors, respectively. UBS Investment Bank is serving as financial advisor to Superior, and Paul Weiss is serving as its legal advisor.
KEY QUOTES:
“We are excited to welcome Superior, Bryan, his leadership team and approximately 3,000 talented team members to the MasTec family. Superior has built one of the premier electrical infrastructure platforms in the United States, with a proven ability to scale resources, execute complex projects and deliver for some of the most demanding mission-critical customers in the industry. Superior expands our ability to serve one of the most compelling infrastructure opportunities in the market today—the ongoing buildout of data center, power and mission-critical infrastructure. Together, we will be able to provide customers with a broader suite of self-perform capabilities spanning power generation, transmission, substations, civil infrastructure, communications and inside-the-fence electrical systems, enhancing our ability to support customers across a wider range of mission-critical infrastructure projects. Just as important, civil infrastructure, communications and inside-the-fence electrical systems, enhancing our ability to support customers across a wider range of mission-critical infrastructure projects. Just as important, Superior brings a highly experienced leadership team that has successfully scaled the business while maintaining a strong culture, exceptional customer relationships and an unwavering commitment to safety and operational excellence. We believe the combination of Superior’s leadership, skilled workforce and electrical expertise with MasTec’s national scale, customer relationships and diversified capabilities will create significant value for our customers, employees and shareholders.”
Jose Mas, CEO of MasTec
“As we enter our second century of business, I’m thrilled that Superior will soon join the MasTec family. Superior’s deep experience in building critical infrastructure, combined with MasTec’s leadership across the power, energy and communications sectors, position us to lead the buildout of new projects throughout the U.S. Together, we’ll capitalize on this once-in-a-generation opportunity to build the foundation of America’s digital future.”
Bryan Stewart, Chairman and CEO of Superior
