MasTec to Buy Electrical Contractor Superior Group in $1.65 Billion Deal

MasTec (MTZ) shares were up early Wednesday after the company agreed to acquire electrical contractor Electrical Specialists, doing business as Superior Group, in a roughly $1.65 billion deal. The deal consideration comprises about $1.18 billion in cash and $475 million of MasTec's common shares, the infrastructure construction company said late Tuesday. The deal includes a potential earnout payment based on Superior Group's cumulative 36-month financial performance following the transaction's completion. MasTec shares were up 2.1% in premarket activity Wednesday. So far this year, the stock has surged 65%. "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," MasTec Chief Executive Jose Mas said in a statement. For the remainder of the year, the company projects Superior Group to contribute revenue of $800 million to $900 million and adjusted earnings of $0.50 to $0.65 per share. For 2027, MasTec forecasts Superior Group to generate revenue of $2.2 billion to $2.5 billion. "Superior's deep experience in building critical.