MYR Group has agreed to buy Valley Holdings I, which owns Valley Electric and Comet Electric, for about $328 million, with the price subject to net asset and other post-closing adjustments.
The two acquired businesses generated combined average annual revenue of more than $400 million over the last two years.
Valley Electric, founded in 1982 and based in Everett, Washington, is one of the largest full-service electrical contractors in the western U.S. Its work spans commercial, industrial, transportation/heavy civil and marine markets.
Comet Electric, founded in 1976 and headquartered in Chatsworth, California, focuses on commercial and industrial work in Southern California.
MYR said it plans to finance the deal with cash on hand and borrowings from its revolving credit facility.
The company said the acquisition is expected to close on or about July 1, 2026, pending regulatory approvals and other customary closing conditions.
MYR said the addition of the two contractors is expected to expand its commercial and industrial segment, broaden its geographic reach and strengthen its market position. The market has reacted to these announcements by moving the company's shares 1.91% to a price of $473.20. For more information, read the company's full 8-K submission here.
