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Get filing alertsMasTec to acquire data center contractor Superior Group for ~$475M, adds $700M term loan
Filed July 7, 2026 · Period ending June 30, 2026 · ~1 min read
Key Changes
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high
MasTec agreed to acquire Electrical Specialists (d/b/a Superior Group), a data center electrical contractor, for consideration including ~1.2M shares (~$475M, ~1.5% dilution). Transaction expected to close Q3 2026 pending antitrust clearance.
Item 3.02 — Unregistered Sales of Equity Securities verify on EDGAR → -
high
MasTec secured $700M delayed draw term loan ($400M 3-year, $300M 4-year) at Term SOFR plus 1.000%-1.625% to finance the acquisition. Facility requires maintaining 3.50:1.00 max leverage ratio (4.00:1.00 temporarily for large acquisitions).
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
MasTec expanded its revolving credit facility by $350M to $2.25B total capacity. All other terms of the existing credit facility remain unchanged.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
low
MasTec appointed Manuel Benito Miranda as Class II director, expanding the Board from 8 to 9 members effective June 30, 2026. Miranda will serve on the Compensation Committee and receive standard non-employee director compensation.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
MasTec is making a strategic move into the data center infrastructure market by acquiring Electrical Specialists (Superior Group), a full-service electrical contractor specializing in critical infrastructure for data centers, healthcare, entertainment, and industrial clients.
The transaction values Superior Group at approximately $475 million based on recent trading prices, with MasTec issuing roughly 1.2 million shares (about 1.5% dilution) as partial consideration. The deal is expected to close in Q3 2026 pending antitrust clearance.
To finance the acquisition, MasTec arranged $700 million in delayed draw term loan commitments split between a $400 million three-year tranche and a $300 million four-year tranche, priced at Term SOFR plus 1.000%-1.625% depending on leverage. The company also expanded its existing revolving credit facility by $350 million to $2.25 billion total capacity. The new term loan requires maintaining a 3.50:1.00 maximum leverage ratio, which can temporarily increase to 4.00:1.00 following large acquisitions. For investors, the key question is whether Superior Group's data center expertise justifies the price and modest dilution, particularly as hyperscale infrastructure spending remains robust but competitive.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On June 30, 2026, the Board of Directors (the “Board”) of the Company appointed Mr. Manuel Benito Miranda as a Class II director to fill a vacancy in that Board Class following an increase in the size of the Board from eight (8) to nine (9) directors.
MasTec expanded its Board of Directors from 8 to 9 members and appointed Manuel Benito Miranda to fill the newly created Class II director seat. Miranda will serve an initial term ending at the 2027 Annual Meeting of Shareholders and has been appointed to the Compensation Committee.
Show 2 minor / wording changes
Added in current filing · verify on EDGAR →
Mr. Miranda will participate in the standard non-employee director compensation arrangements described under the section entitled “Compensation of Directors” in the Company’s 2026 Proxy Statement, filed with the Securities and Exchange Commission on April 9, 2026.
Miranda will receive standard non-employee director compensation as disclosed in the company's 2026 proxy statement. No special compensation arrangements were established for this appointment.
Added in current filing · verify on EDGAR →
Since the beginning of the Company’s last fiscal year, the Company has not engaged in any transaction, nor is there any currently proposed transaction, in which Mr. Miranda had or will have a direct or indirect material interest in which the amount involved exceeded or would exceed $120,000.
The filing confirms no related party transactions exist between MasTec and Miranda exceeding $120,000, and none are currently proposed. This disclosure is standard for new director appointments.
Event · Item 3.02 — Unregistered Sales of Equity Securities
Item 3.02 — Unregistered Sales of Equity Securities filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On July 7, 2026, the Company agreed to acquire Electrical Specialists, Inc., d/b/a the Superior Group (the “Superior Group”), pursuant to a Share Purchase Agreement (the “Acquisition Agreement”) among the Company, Superior Group, Stewshi Co., Inc., as the seller, and the shareholders and shareholder representative named therein. Upon consummation of the transactions contemplated by the Acquisition Agreement (the “Acquisition”), the Superior Group will become a wholly-owned subsidiary of the Company. The Superior Group is a premier full-service electrical contractor focused on critical infrastructure. The Superior Group is a recognized leader in building data center infrastructure and also serves a diverse set of end markets including healthcare, entertainment and industrial.
MasTec entered into a definitive agreement to acquire Electrical Specialists, Inc. (d/b/a Superior Group), a full-service electrical contractor specializing in data center infrastructure and serving healthcare, entertainment, and industrial markets. The acquisition will make Superior Group a wholly-owned subsidiary of MasTec.
Added in current filing · verify on EDGAR →
It is currently contemplated that the Acquisition will be completed in the third quarter of 2026 and is subject to customary closing conditions, including, termination of antitrust review.
The acquisition is expected to close in the third quarter of 2026, subject to customary closing conditions including the termination of antitrust review. The transaction has not yet closed and remains subject to regulatory clearance.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The sale and issuance of the Consideration Shares will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemption provided in Section 4(a) (2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder as a transaction by an issuer not involving a public offering. Each Recipient Holder has represented that such Recipient Holder is an “accredited investor,” as that term is defined in Rule 501(a) of Regulation D of the Securities Act. The Consideration Shares will be issued subject to a restrictive legend advising that the Consideration Shares may not be transferred or sold except pursuant to the registration provisions of the Securities Act or pursuant to an opinion of counsel satisfactory to the Company that such registration is not required.
The shares will be issued in a private placement under Section 4(a)(2) and Rule 506 of Regulation D to accredited investors, without registration under the Securities Act. The shares will carry transfer restrictions and cannot be freely traded without registration or an exemption.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Outstanding loans under the New Term Loan Agreement bear interest, at the Company’s option, at a rate equal to (i) in the case of the Three-Year Tranche either (a) Term SOFR, as defined in the New Term Loan Agreement, plus a margin of 1.000% to 1.500%, or (b) Base Rate (defined below), plus a margin of 0.000% to 0.500% and (ii) in the case of the Four-Year Tranche either (a) Term SOFR plus a margin of 1.125% to 1.625%, or (b) Base Rate, plus a margin of 0.125% to 0.625%. ... The New Term Loan Agreement requires the Company to maintain a Consolidated Leverage Ratio, as defined in the New Term Loan Agreement, of not more than 3.50:1.00 as of the end of any fiscal quarter (subject to the Acquisition Adjustment described below).
The three-year tranche bears interest at Term SOFR plus 1.000% to 1.500% or Base Rate plus 0.000% to 0.500%, while the four-year tranche bears interest at Term SOFR plus 1.125% to 1.625% or Base Rate plus 0.125% to 0.625%. The facility requires maintaining a maximum leverage ratio of 3.50:1.00, which can temporarily increase to 4.00:1.00 for acquisitions exceeding $200 million.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 8, 2026 · How we verify