MasTec, Inc. (MTZ) has entered into an agreement to acquire Electrical Specialists, Inc., d/b/a The Superior Group, a full-service electrical contractor focused on critical infrastructure, including data centers. The acquisition will be partially funded by the issuance of approximately $475 million in MasTec common stock.
To finance a portion of the acquisition, MasTec secured a new $700 million senior unsecured delayed draw term loan agreement and amended its existing credit facility, increasing its revolving borrowing commitments by $350 million. The company also announced the appointment of a new director.
Key Details
- Acquisition: MasTec will acquire The Superior Group by issuing approximately 1.2 million shares of its common stock, valued at ~$475 million. The transaction is expected to close in the third quarter of 2026.
- Financing Agreements: On July 7, 2026, MasTec entered into a new $700 million term loan agreement, composed of a $400 million three-year tranche and a $300 million four-year tranche. The company also increased its existing revolving credit facility to an aggregate of $2.25 billion.
- Board Appointment: Effective June 30, 2026, Mr. Manuel Benito Miranda was appointed as a Class II director, increasing the size of the Board from eight to nine members.