Holland & Knight, Paul, Weiss, and Fried Frank advise on MasTec’s US$1.65 billion acquisition of The Superior Group.

MasTec Inc. has entered into a definitive agreement to acquire The Superior Group, a premier full-service electrical contractor focused on critical infrastructure, in a transaction valued at approximately US$1.65 billion.

The purchase consideration comprises approximately US$475 million in MasTec common stock and US$1.175 billion in cash, subject to customary purchase price adjustments, with the agreement also providing for a potential earnout based on Superior’s cumulative financial performance over the 36 months following closing. The transaction remains subject to customary closing conditions, including regulatory approvals.

The acquisition advances MasTec’s strategy of expanding its infrastructure engineering and construction platform to meet growing demand for data centre, power and other mission-critical infrastructure. The combination will enhance MasTec’s capabilities across power generation, grid interconnection, electrical systems, connectivity and long-term maintenance services. The Superior Group is a leading US electrical contractor serving critical infrastructure sectors including data centres, healthcare, entertainment and industrial markets.

Holland & Knight advised MasTec Inc. on the acquisition.

The firm’s team was led by Partners Ibrahim Barakat and Kyle Hershey (M&A), along with Partner Ira Rosner (M&A and Capital Markets). The wider deal team included Partner Marc Druckman and Associates Fay Shaulson and Gabrielle Engel (M&A); Partner Allison O’Garrow (Capital Markets); Partner John Dierking and Senior Counsel Ryan Kocse (Antitrust); and Partners Christopher Marotta and Jiyeon Barta (Tax).

Paul, Weiss advised The Superior Group on its sale to MasTec.

The team was led by corporate partners Dotun Obadina and James Langston, and associate Gili Farhadian-Sagiv, and included partners Mark Adler and Christopher Van Buren and counsel Camila Bourguignon; executive compensation partner Matthew Friestedt and counsel Annie Anderson and Brian DeShannon; tax partner Brian Krause; intellectual property partners Claudine Meredith-Goujon and Bonnie Chen; real estate partner Peter Fisch; antitrust partners Scott Sher and Chad de Souza; environmental partner Stefanie Gitler; and litigation counsel Audrey Paquet.

Fried Frank advised MasTec on the US$700 million term loan facilities supporting the acquisition and the increase of its revolving credit facility by US$350 million, bringing total revolving credit commitments to US$2.25 billion.

The financing team was led by partners Caroline Sandberg and Joshua Wechsler, and included partner Joseph Fox, special counsel Heidi Spalholz and Matthew Levy, and associate Maura Pallitta.