MYR Group to acquire Valley Electric and Comet Electric for $328M
What's the deal? MYR Group (NASDAQ: MYRG), a Colorado-based holding company of specialty electrical contractors, has entered a definitive agreement to acquire Valley Electric and Comet Electric for approximately $328M. The deal includes all shares of Valley Holdings and its subsidiaries.
Valley Electric, founded in 1982 and headquartered in Everett, Washington, is one of the largest full-service electrical contractors in the western US. Comet Electric, founded in 1976 and based in Chatsworth, California, focuses on commercial and industrial work in Southern California. Together, the two companies averaged more than $400M in annual revenue over the past two years.
MYR Group plans to fund the acquisition through cash on hand and borrowings under its revolving credit facility. The seller is Prospect Capital Corporation.
Why now? MYR Group is looking to strengthen its Commercial & Industrial segment and expand its geographic footprint across the western US. President and chief executive officer Rick Swartz said the acquisition would enhance the company's ability to capture projects through Valley and Comet's "diverse project portfolio, strong reputation, design skills, and other services."
The deal is expected to close around July 1, 2026, pending regulatory approvals and customary closing conditions.
What could go wrong? Integration is always a risk in acquisitions of this size. MYR Group is absorbing two distinct companies with different headquarters, markets, and histories. The deal also requires regulatory approval, which could delay or complicate the timeline.
Funding through a revolving credit facility means MYR Group will take on additional debt, which could pressure the balance sheet if market conditions shift or project pipelines slow.
The signal: This acquisition reflects a broader consolidation trend in the US electrical contracting industry, driven by surging demand for infrastructure upgrades, clean energy projects, and electric vehicle charging networks. Large specialty contractors like MYR Group are snapping up established regional players to gain scale, talent, and geographic reach — all critical as federal infrastructure spending continues to flow into the market.
Read more: globenewswire.com
