MasTec Inc. shares climbed 3.1% in after-hours trading on Tuesday after the company disclosed a definitive agreement to acquire The Superior Group for roughly $1.65 billion.
The transaction is structured to strengthen MasTec's infrastructure capacity platform for data centers and other mission-critical facilities. Superior, described in the agreement as a full-service electrical contractor headquartered in Columbus, Ohio, employs about 3,000 people and serves clients in the data center, healthcare, entertainment and industrial sectors.
The stated purchase price comprises approximately $475 million in MasTec common stock and about $1.175 billion in cash, both amounts subject to customary adjustments. The agreement also allows for an additional earnout payment contingent on Superior's cumulative financial performance over the 36 months following closing.
Management provided forward-looking contributions and performance expectations for Superior. Superior is projected to produce full year 2026 revenue of approximately $1.6 billion to $1.7 billion and Adjusted EBITDA in the range of about $225 million to $250 million. For the remainder of 2026 after the anticipated closing, MasTec expects Superior to contribute approximately $800 million to $900 million of revenue and around $100 million to $115 million of Adjusted EBITDA. For full year 2027, MasTec projects Superior revenue of $2.2 billion to $2.5 billion and Adjusted EBITDA of $250 million to $275 million.
Under the terms of the deal, Superior's current management team will remain in place, with Bryan Stewart continuing as Chairman and CEO. The business will be established as a new operating group within MasTec and its financial results are expected to be reported within the Power Delivery segment.
MasTec outlined financing plans for the transaction that rely on a mix of cash on hand, borrowings under its existing credit facility and drawings under two delayed draw term loan facilities. The acquisition remains subject to customary closing conditions, including antitrust regulatory approval. The parties expect the deal to close in mid to late July 2026, pending satisfaction of those conditions.
Bottom line: The agreement to acquire Superior adds a sizable electrical contracting organization to MasTec's portfolio, with explicit financial contributions and financing sources disclosed. The closing timeline and regulatory clearance remain outstanding conditions.