Cardinal Infrastructure Group (CDNL) Enters into Amended Agreement for Acquisition of Hughes Brothers Construction Inc.
PR Newswire•19/10/2026•07:30 ET
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Key Highlights
- ➤$357.5 million Hughes Brothers purchase price unchanged; consideration shifts to 60% cash, 40% stock
- ➤Hughes Brothers sellers receive approximately $214.5 million cash and 5,255,420 Cardinal shares
- ➤Earnout rises to maximum $162.5 million, payable 60% cash and 40% stock
- ➤Hughes Brothers generated $220 million revenue and $55.001 million adjusted EBITDA
- ➤Cardinal expects acquisition immediately accretive to adjusted EBITDA per share
Cardinal Infrastructure Group (CDNL) Enters into Amended Agreement for Acquisition of Hughes Brothers Construction Inc. PR Newswire
RALEIGH, N.C., Oct. 19, 2026 /PRNewswire/ -- Cardinal Infrastructure Group, Inc., (NASDAQ: CDNL) ("Cardinal" or the "Company") today announced that it has entered into an amendment to its previously announced agreement to acquire Hughes Brothers Construction Inc. ("Hughes Brothers"), a leading Central Florida heavy civil and site development contractor.
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