Mergers & Acquisitions ·
Cardinal agrees to acquire Hughes Brothers for $357.5M in cash and stock
CDNLCardinal Infrastructure Group Inc.
Cardinal Infrastructure Group entered into an amended Agreement and Plan of Merger to acquire Hughes Brothers Construction Inc., a Central Florida heavy civil contractor, for approximately $357.5 million. The consideration consists of 60% cash ($214.5 million) and 40% Cardinal Class A common stock (approximately 5.26 million shares based on a $27.21 issue price). Sellers are eligible for an earnout of up to $162.5 million based on adjusted EBITDA performance through June 30, 2027. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary conditions. Cardinal Infrastructure Group provides comprehensive infrastructure services including site development, utility installation, and construction across the Southeastern United States.