Deal Timeline

Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.

The Acquisition Playbook.

Three patterns run through MasTec's acquisitions — what it looks for, how it pays, and how it folds in what it buys.

01
Acquisition criteria
Serial, segment-building roll-up.
MasTec grew from a telecom contractor into a diversified infrastructure builder by buying dozens of specialty contractors across four end-markets. Named platform deals seeded each segment — Pumpco and Precision Pipeline (Oil & Gas), Three Phase and EC Source (electrical transmission/Power Delivery), Wanzek and IEA (clean energy/heavy civil), and Nsoro, Cam Com, Optima and Halsted (Communications) — while many smaller tuck-ins were folded in each year without individual disclosure.
Infrastructure and Energy Alternatives, Inc. (IEA)Electrical Specialists, Inc., d/b/a the Superior GroupHenkels & McCoy Group, Inc. (HMG)Intren, LLC (INTREN)Big Country Energy Services
02
Capital deployment
Frequent stock and part-stock consideration.
Unusually for a contractor, MasTec repeatedly used its own equity to fund deals — 7.5 million shares plus a seller convertible note for Wanzek (2008), ~5.1 million shares for EC Source (2011), ~2.0 million shares for Henkels & McCoy (2021), a stock component in the $14/share IEA deal (2022), and ~1.2 million shares (~$475M) for Superior Group (2026). Earn-outs tied to post-close EBITDA are attached to nearly every deal.
Infrastructure and Energy Alternatives, Inc. (IEA)Electrical Specialists, Inc., d/b/a the Superior GroupHenkels & McCoy Group, Inc. (HMG)Intren, LLC (INTREN)Big Country Energy Services
03
Integration approach
A deliberate march up the energy-transition value chain.
Early deals added midstream gas pipeline (Pumpco) and interstate transmission pipeline (Precision) capacity; the 2010s built out electrical transmission (EC Source) and Canadian pipeline (Fabcor, Big Country); and the 2020s pivoted hard toward the grid and renewables via Power Delivery (Henkels & McCoy, INTREN) and clean-energy generation (IEA), positioning MasTec across both power generation and the grid infrastructure needed to carry it.
Infrastructure and Energy Alternatives, Inc. (IEA)Electrical Specialists, Inc., d/b/a the Superior GroupHenkels & McCoy Group, Inc. (HMG)Intren, LLC (INTREN)Big Country Energy Services

The Full Deal Book

18 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.

01 Infrastructure and Energy Alternatives, Inc. (IEA) · Indianapolis, Indiana (North America operations) $1.1B
Announced Jul 2022 Closed Oct 2022 Cash-and-stock
utility-scale wind and solar EPCheavy civil constructionrailenvironmental remediationunion-based clean-energy power generation

Publicly traded renewable-energy and infrastructure services provider (Nasdaq: IEA) that MasTec agreed to buy for $14.00 per share, split $10.50 in cash and 0.0483 of a MasTec share (about $3.50) — a roughly 34% premium. IEA had completed more than 260 utility-scale wind and solar projects across North America and also handled heavy-civil, rail and environmental-remediation work. MasTec issued about 2.7 million shares and assumed IEA's $300M of 6.625% senior notes. approximately $1.1 billion total transaction consideration (including IEA net debt); $748.5M consideration transferred plus ~$300M of assumed 6.625% senior notes per the FY2022 10-K.

Why it was attractive
  • Adds ~6
  • 000 employees
  • union clean-energy generation crews and a blue-chip renewables customer base at a moment of surging demand for wind and solar buildout
We are proud to expand our service capabilities, scale and expertise providing critical infrastructure to support the nation's energy transition to secure and sustainable renewable sources. We are excited to welcome JP, the IEA management team and almost 6,000 IEA team members to the MasTec family.Jose Mas — Chief Executive Officer, MasTec
The combination with MasTec will create new opportunities for IEA's employees and our customer base. Our joint resources and capabilities will advance our ability to serve our customers in the renewable energy, power delivery and infrastructure markets.JP Roehm — President and Chief Executive Officer, IEA
02 Electrical Specialists, Inc., d/b/a the Superior Group · United States $475M
Announced Jul 2026 Closed Jul 2026 Cash-and-stock
critical-infrastructure electrical contractingdata-center power systemshealthcareentertainment and industrial electrical work

Full-service electrical contractor focused on critical infrastructure, and a recognized leader in building data-center electrical systems, also serving healthcare, entertainment and industrial end markets. MasTec agreed on July 7, 2026 to buy the company from seller Stewshi Co., Inc. under a share purchase agreement, issuing about 1,195,721 shares (roughly $475M) as partial consideration; Superior Group becomes a wholly owned subsidiary. approximately $475 million in MasTec stock as partial consideration (~1,195,721 shares, per the July 2026 8-K); total purchase price also includes cash and is not fully disclosed.

03 Henkels & McCoy Group, Inc. (HMG) · United States (Pennsylvania-based) $598.6M
Announced Dec 2021 Closed Dec 2021 Cash-and-stock
utility infrastructure design and constructionpower and renewables servicestelecomgas distributionpipeline servicesmaintenance

Long-established utility services firm providing critical infrastructure design, construction and maintenance to power and renewables, telecommunications, gas distribution and pipeline end-markets. MasTec agreed on December 20, 2021 to acquire HMG via an Agreement and Plan of Merger, funding it with cash plus roughly 2.0 million newly issued MasTec shares (about $180M). HMG became a wholly owned subsidiary. approximately $598.6 million total consideration (about $416.9M cash and ~2.0M MasTec shares valued near $181.7M), per the FY2021 10-K.

04 Intren, LLC (INTREN) · United States Not disclosed
Closed May 2021 Combination
electrical distribution network constructionutility MSAsgas and electric infrastructure

Specialty utility contractor providing electrical distribution network services under multi-year master service agreements to large utilities, municipalities and cooperatives. MasTec acquired all of INTREN's equity interests effective May 2021; the deal was reported in aggregate within the year's Power Delivery acquisitions rather than with a standalone purchase price.

05 Big Country Energy Services, Inc. · Calgary, Alberta, Canada (with U.S. offices in Wyoming and North Dakota) $126.3M
Closed May 2013 Cash plus earn-out
oilgas and NGL gathering systemspipeline constructionpipeline modification and replacementcompressor and pumping station construction

North American oil-and-gas pipeline and facility construction company headquartered in Calgary, Alberta, with offices across western Canada, Wyoming and North Dakota. Services span gathering systems and pipeline construction, pipeline modification and replacement, and compressor and pumping-station work. MasTec acquired all equity interests effective May 1, 2013. approximately $126.3 million total consideration ($103.5M cash plus $22.8M earn-out), per the FY2013 10-K.

06 Bottom Line Services, LLC (BLS) · Eastern Texas, United States $78.7M
Closed Dec 2012 Cash plus earn-out
pipeline and facilities constructionpipeline paintingpipeline maintenance

Natural-gas and petroleum pipeline infrastructure services company operating primarily in eastern Texas, providing pipeline and facilities construction, painting and maintenance. MasTec acquired all outstanding interests effective December 1, 2012. approximately $78.7 million ($67.6M cash plus an $11.1M five-year earn-out), per the FY2013 10-K.

07 EC Source Services, LLC · North America $167.7M
Announced Apr 2011 Closed May 2011 Mostly stock plus earn-out
extra-high-voltage transmission EPCsubstation and electrical transmission construction

Full-service engineering, procurement and construction firm specializing in extra-high-voltage (EHV) electrical transmission systems across North America. MasTec first invested $10M for a 33% interest in November 2010 with a two-year merger option, then exercised the option and acquired the remaining 67% effective May 2, 2011, paying mainly with about 5.1 million MasTec shares plus a five-year EBITDA earn-out. approximately $167.7 million total (consideration of ~$128.1M — largely 5,129,642 MasTec shares — plus the $39.6M fair value of MasTec's prior 33% stake), per the FY2011 10-K.

08 Fabcor (Fabcor TargetCo Ltd.) · Canada (British Columbia and western Canada) $22.8M
Closed Apr 2011 Cash plus earn-out
natural gas and petroleum pipeline constructionenergy infrastructure services

Canadian natural-gas and petroleum pipeline infrastructure construction group (Fabcor TargetCo Ltd. and subsidiaries Fabcor 2001 and Fabcor Pipelines B.C.). MasTec acquired all outstanding shares effective April 1, 2011 to expand its energy-infrastructure services in the Canadian market. approximately $22.8 million cash plus ~$7.0 million of assumed debt and a five-year earn-out, per the FY2011 10-K.

09 Cam Communications, Inc. (Cam Com) · Maryland, United States $4.4M
Closed Apr 2011 Cash plus earn-out
telecom cablingnetwork engineering and constructionequipment integrationtesting and wiring

Maryland-based provider of telephone, cabling, engineering, construction, equipment integration, testing, wiring and computer-network services to telecommunications carriers. MasTec purchased 100% of the stock effective April 1, 2011. approximately $4.4 million cash plus assumed capital leases and a five-year earn-out, per the FY2011 10-K.

10 Optima Network Services, Inc. · California, United States $5.1M
Closed Jun 2011 Cash plus earn-out
wireless infrastructure construction and services

California-headquartered wireless infrastructure services company. MasTec acquired all outstanding shares effective June 1, 2011 to add self-perform wireless build capacity. approximately $5.1 million cash plus ~$2.2 million assumed debt and a five-year earn-out, per the FY2011 10-K.

11 Halsted Communications, Ltd. · New York, Pennsylvania and New England, United States $4.0M
Closed Jun 2011 Cash
install-to-the-home servicessatellite/DIRECTV installation

Install-to-the-home contractor operating primarily in parts of New York, Pennsylvania and New England, whose primary customer was DIRECTV. MasTec acquired all outstanding capital stock effective June 30, 2011. approximately $4.0 million cash plus ~$7.9 million of assumed debt, per the FY2011 10-K.

12 Precision Pipeline, LLC · United States (interstate pipeline markets) $132M
Closed Nov 2009 Cash plus earn-out
large-diameter interstate pipeline constructiontransmission pipeline infrastructure services

Large-diameter natural-gas, crude-oil and refined-products transmission pipeline construction and infrastructure services provider with a largely unionized workforce. MasTec completed the purchase of all membership interests on November 23, 2009, funding it alongside a concurrent $100M issuance of 4.25% senior convertible notes. approximately $132 million in cash plus ~$34 million of assumed debt and a five-year earn-out.

Why it was attractive
  • Over $500M of backlog as of September 30
  • 2009 and a unionized workforce enabling large interstate pipeline projects
We are very pleased with the acquisition of Precision. Precision's strong management team and dedicated workforce will provide MasTec with additional capacity and exposure to the natural gas and petroleum pipeline markets.Jose Mas — President and CEO, MasTec
13 Wanzek Construction, Inc. · North Dakota, United States $50M
Announced Oct 2008 Closed Dec 2008 Cash, stock and seller note
wind-farm constructionheavy-civil and industrial constructionnatural-gas processing plantscompressor stationspower-generating plantsroads and bridges

North Dakota construction company focused on wind-farm, heavy-civil and industrial and infrastructure work, with operations spanning natural-gas processing plants, compressor stations, electrical power-generating plants, industrial facilities, roads and bridges. MasTec completed the acquisition on December 16, 2008 under a stock purchase agreement dated October 4, 2008, paying with cash, 7.5 million shares, a $55M convertible note and assumed debt plus an earn-out. $50 million cash, 7.5 million MasTec shares, a $55 million 8% seller convertible note, ~$15 million of assumed debt and a two-year EBITDA earn-out.

Why it was attractive
  • Diversified
  • high-quality customer base and skilled workforce in wind and heavy-civil construction
Wanzek is an exceptional company and we are excited to close the transaction and begin joint operations with its highly-skilled management team and workforce. Its diversified and high-quality customer base is a great addition to the MasTec portfolio.Jose Mas — President and CEO, MasTec
14 Nsoro, LLC · Atlanta, Georgia, United States $17.5M
Closed Jul 2008 Cash plus earn-out
wireless network designconstructionupgrade and maintenance

Atlanta-based wireless infrastructure management and construction firm (wireless network design, construction, upgrade and maintenance). MasTec purchased certain assets of Nsoro on July 31, 2008. $17.5 million cash plus ~$12 million of assumed indebtedness and an eight-year earn-out (asset purchase).

15 Pumpco, Inc. · Texas, United States $44M
Announced May 2008 Closed May 2008 Cash plus earn-out
midstream natural gas and oil pipeline construction

Texas-based midstream oil-and-gas pipeline construction company. MasTec (via subsidiary MasTec North America) bought all outstanding shares from seller Alan B. Roberts under a stock purchase agreement dated May 1, 2008, closing May 30, 2008. $44 million cash plus a five-year earn-out (50% of Pumpco earnings above a threshold).

16 Three Phase Line Construction, Inc. · Northern United States $8.0M
Closed Oct 2007 Cash plus earn-out
transmission and distribution line construction and maintenancesubstation workstorm restoration

Electrical transmission-and-distribution utility construction firm active in several northern states in construction, maintenance, substation and storm-restoration work, with a largely unionized workforce. MasTec acquired all outstanding shares in October 2007. $8.0 million cash plus an earn-out.

17 Power Partners, LLC · United States $5.5M
Closed Dec 2007 Cash plus earn-out
wind-farm electrical system design and construction

Electrical utility contractor specializing in wind-farm electrical system design and construction. MasTec acquired certain assets in December 2007. $5.5 million cash plus ~$2.8 million of assumed liabilities and an earn-out (asset purchase).

18 GlobeTec Construction, LLC (additional 45% interest) · United States $6.5M
Closed Jan 2007 Cash plus earn-out
water and sewer pipeline construction and maintenance

Water and sewer pipeline construction and maintenance business. During 2007 MasTec acquired an additional 45% interest in GlobeTec (moving toward full ownership by 2008). GlobeTec was later classified as a discontinued operation and sold in 2013. $6.5 million cash plus an earn-out (for the incremental 45% interest acquired during 2007).

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