Florida-based specialty contractor giant MasTec Inc. has agreed to acquire electrical power transmission and distribution utility services firm Henkels & McCoy in a $600-million deal. During a conference call to investors, CEO Jose Mas said the acquisition is the largest in company history and comes at the “right time” to continue expanding its non-oil and gas pipeline services.
According to Mas, MasTec’s power transmission and distribution business is expected to account for about 25% of its 2022 revenue after the transaction, with its fossil fuel pipeline and related segment making up just under 20%.