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KioskNews
The Daily Newsstand · Free, Always
Tuesday, October 13, 2026
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Seeking Alpha·United States·

Cardinal Infrastructure to acquire Hughes Brothers for $357.5M

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Manshi Mamtora

  • Cardinal Infrastructure Group (CDNL) to acquire Hughes Brothers Construction for $357.5M, expanding its site development business into Central Florida.
  • The deal could reach ~$455M, including up to $97.5M in additional consideration tied to Hughes Brothers’ adjusted EBITDA performance for 2026.
  • The purchase will be funded through cash and Cardinal stock, with the cash portion financed through new debt and cash on hand. Pro forma net leverage is expected to be 1.4x.
  • Hughes Brothers generated more than $220M in trailing 12-month revenue as of June 30 and had a backlog of ~$350M.
  • The acquisition is expected to close in Q4.

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