MasTec Announces Significant Revision and Enhancement to Nsoro Acquisition Earn-out Terms


CORAL GABLES, Fla.,Dec. 28, 2010 - MasTec, Inc. (NYSE: MTZ) today announced that it has signed an amendment which significantly improves the Company's economics in the earn-out associated with the Nsoro acquisition, MasTec's wireless infrastructure construction and maintenance subsidiary.

Under the revised terms, MasTec will pay and deliver to the seller a one-time $40,000,000 cash payment plus 1,875,000 shares of MasTec common stock, which will be restricted for one year. Future annual earn-out payments for the five years beginning in 2011 will be reduced to 27.5% of domestic earnings before tax ("EBT") in excess of $40,000,000 and the earn-out payment for the seven month period ending July 31, 2016, reduced to 27.5% of EBT in excess of $23.3 million. Earn-outs will be payable, at MasTec's sole option, in either cash, shares of MasTec common stock, or any combination thereof. Additional terms are outlined in the 8-K filed with the SEC concurrently with this press release.

Prior to the amendment, the asset purchase agreement provided that the seller would be paid annual earn-out payments for the five years beginning in 2011 equal to the first $1,750,000 of EBT in excess of $1,750,000 of EBT plus 50% of annual EBT in excess of $3,500,000, and earn-out payments for the seven month period ending July 31, 2016 equal to the first $1,020,000 of EBT in excess of $1,020,000 plus 50% of annual EBT in excess of $2,040,000.

Jose Mas, MasTec's CEO commented, "The Company has done a great job at growing its wireless business. MasTec's wireless revenue has grown from about $70 million in 2008 to an expected $350 million in 2010. This transaction allows the company to better benefit from higher growth and earnings."

MasTec, Inc. is a leading national infrastructure construction company operating mainly throughout the United States across a range of industries. The Company's activities include the building, installation, maintenance and upgrade of energy, communication and utility infrastructure, including but not limited to: electrical utility transmission and distribution, wind farms, solar farms, other renewable energy, natural gas and petroleum pipeline infrastructure, wireless, wireline, satellite communication, industrial infrastructure and water and sewer systems. MasTec's customers are in the following industries: utilities (including wind farms, solar farms and other renewable energy, natural gas gathering systems and pipeline infrastructure), communications (including wired and wireless telephony and satellite television) and government (including water, sewer and other utility and communications work on military bases). The Company's corporate website is located at www.mastec.com.

SOURCE MasTec, Inc.

CONTACT: J. Marc Lewis,
Vice President-Investor Relations, +1-305-406-1815, +1-305-406-1886 fax, marc.lewis@mastec.com

Web Site: www.mastec.com

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