CORAL GABLES, Fla., July 21 –MasTec, Inc. (NYSE: MTZ) today announced that it has closed its previously announced acquisition of Electrical Specialists, Inc., d/b/a The Superior Group (“Superior”), a premier full-service electrical contractor focused on critical infrastructure, in a cash and stock transaction valued at approximately $1.65 billion, subject to customary purchase price adjustments and a potential cash earnout payment based on Superior’s post-closing performance (the “Transaction”). The cash portion of the purchase price was funded with cash on hand, drawings under MasTec’s existing credit facility and drawings under two previously disclosed delayed draw term loan facilities entered into in connection with the Transaction.
Jose Mas, MasTec’s Chief Executive Officer, commented, “We are pleased to officially welcome Bryan Stewart and the approximately 3,000 Superior team members to the MasTec family. We believe that the addition of Superior and its experienced leadership team, coupled with MasTec’s existing operations, positions MasTec to serve the compelling and ongoing buildout of data center, power and mission-critical infrastructure, both outside and inside the fence.”
Mr. Mas continued, “This acquisition further advances MasTec’s strategy of building a scaled infrastructure capacity platform that is positioned to serve accelerating demand for data center, power and other mission-critical infrastructure through a transaction that demonstrates our commitment to disciplined capital allocation.”