Infrastructure engineering and construction firm MasTec has announced it will acquire electrical contractor Superior Group for approximately $1.65 billion, with the cash and stock transaction expected to close in mid-to-late July.
Under the terms of the agreement, MasTec will pay about $1.175 billion in cash and $475 million in stock, with additional contingent consideration tied to Superior's performance over the next 36 months. Headquartered in Columbus, Ohio, Superior employs roughly 3,000 people and is one of the nation's largest electrical contractors, specializing in the design, construction, and maintenance of electrical systems for data centers, healthcare, entertainment, and industrial facilities.
MasTec's CEO, Jose Mas, stated that the acquisition of Superior enhances the company's capabilities, enabling it to capture some of the most compelling infrastructure opportunities in the current market, including the ongoing build-out of data centers, power, and mission-critical infrastructure. Previously, MasTec primarily served "outside the fence" infrastructure such as power generation, natural gas, and transmission. The deal extends its reach into "inside the fence" areas like electrical systems and integrated building systems.
Superior has experienced rapid growth in recent years, with its workforce expanding from approximately 800 to 3,000 employees over the past three years, representing a compound annual growth rate exceeding 50%. The company anticipates full-year 2026 revenue between $1.6 billion and $1.7 billion, with adjusted EBITDA of about $225 million to $250 million. MasTec expects Superior to contribute between $800 million and $900 million in revenue for the remainder of 2026 post-closing, adding $0.50 to $0.65 to adjusted earnings per share.
This acquisition comes as the AI boom fuels increased investment in data centers. MasTec reported first-quarter revenue growth of 35% to $3.83 billion, with adjusted earnings per share nearly tripling year-over-year to $1.39. Following the announcement, MasTec's share price rose over 3% in after-hours trading. An analyst firm maintained its "overweight" rating on MasTec with a $545 price target, viewing the deal as accretive both strategically and financially.
Superior's existing management team will remain in place and operate as an independent business under MasTec's Power Delivery segment.
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