MasTec Inc.: Getting to Know Superior Group; Early Feedback & Takes About The Asset

Research evidence excerpt

MasTec Inc.: Getting to Know Superior Group; Early Feedback & Takes About The Asset

Equity Research

U.S. Machinery & Construction

8 July 2026

MasTec Inc.

Getting to Know Superior Group;

Early Feedback & Takes About The

MTZ OVERWEIGHTAsset

U.S. Machinery & POSITIVE

MTZ's acquisition of Superior adds attractive data center and Construction Price Target USD 340.00

electrical capabilities at a compelling valuation. While the Price (07-Jul-26) USD 358.85

discount may reflect caution around Superior’s Midwest Potential Upside/Downside -5.3% Source: Bloomberg, Barclays Research

footprint, MTZ’s national platform & strength in growth

markets like Texas could help accelerate growth & enhance U.S. Machinery & Construction

value. Adam Seiden, CFA +1 212 526 2212

adam.seiden@barclays.com

MasTec’s proposed acquisition of Superior Group (private, not covered) would widen the BCI, US

company’s power delivery offering by absorbing a low-multiple entity operating in high Vraj Patel

multiple and “growthy” end-markets. At the $1.65bn proposed transaction price (~6.3x ’27 +1 212 526 2773

implied EBITDA) and small percent of combined EBITDA (~12% of the combined business), we vraj.patel1@barclays.com

believe Superior is a measured and accretive transaction that has the traditional structure of a BCI, US

MasTec deal. For instance, Superior's management team will remain in place and is incentivized Tyler Russell

by multi-year earn-outs. If MTZ's multiple holds, we estimate Superior could potentially add +1 212 526 7584

close to 5 to10% to MTZ's share price (based on illustrative proforma EBITDA). For more tyler.russell@barclays.com

information on the transaction checkout the press release (here) or presentation (here). The BCI, US