MasTec to Acquire Electrical Specialists, Inc., Operating as 'The Superior Group'
SGC sits 57% above its 52-week low of $8.3.
Summary
MasTec announced its intent to acquire Electrical Specialists, Inc., which operates as 'The Superior Group', for approximately $1.65 billion. The consideration for this acquisition will consist of about $475 million payable in shares of MasTec common stock and approximately $1.175 billion in cash. This highly material M&A event for Superior Group of Companies, Inc. (SGC) is expected to fundamentally alter SGC's business structure, financial outlook, and strategic direction. Superior is projected to generate $1.6 billion to $1.7 billion in revenue for fiscal year 2026 and will serve as a new operating group within MasTec. MasTec anticipates the acquisition to be immediately accretive to its revenue, adjusted EBITDA, adjusted EPS, and cash flow from operations, with Superior's existing management team, including Chairman and CEO Bryan Stewart, remaining in place.
At the time of this announcement, SGC was trading at $13.01 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $203.4M. The 52-week trading range was $8.30 to $14.59. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.