MTZ – MasTec to Acquire The Superior Group for $1.65B

研报英文原文证据摘录

MTZ – MasTec to Acquire The Superior Group for $1.65B

Truist Securities

Equity Research Report July 8, 2026

INDUSTRIALS: Engineering and MasTec, Inc. (MTZ)

Construction Firms

Jamie Cook, CFA

212-303-4116

Jamie.Cook@truist.com MTZ announced it has entered into a definitive agreement to acquire The Superior Group

(private) for $1.65B. Superior is one of the largest electrical contractors in the US and a

leader in building data center infrastructure, with an estimated ~90% of revenue tied to data

Kevin Wilson, CFA centers. 212-590-0996

Kevin.S.Wilson@truist.com

We Like the Deal: Superior significantly expands MTZ’s scope on data center projects to

Stephen Farkouh inside the fence, complementing MTZ’s outside the fence offering. More importantly, we

212-401-4459 see meaningful opportunities to unlock revenue synergies by leveraging MTZ’s balance

Stephen.Farkouh@truist.com sheet, geographic reach, diverse customer breadth and end-to-end infrastructure solution

set. The transaction is strategically sound, fits MTZ’s culture and is consistent with the

capital allocation framework laid out on the Analyst Day. We believe MTZ will continue to

Stock Rating BUY be opportunistic on acquisitions, however sees no need to chase deals given the organic growth opportunity ahead. Unchanged

Price Target $550.00 Valuation Screens Attractive: The ~$1.65B purchase price represents ~6.9x Superior’s 2026E adjusted EBITDA (at the midpoint) and consists of $1.175B in cash and $475M in

Unchanged stock (MTZ expects to issue 1.2M additional shares), plus a performance based earnout tied

to financial results over the next three years. Valuation screens attractive given Superior’s

growth trajectory (80% organic revenue CAGR over 2023–2026) and margin profile (low to

TR to Target 53.3% mid DD%).