Cardinal Infrastructure to buy Hughes Brothers Construction for $357.5 million in cash and stock
Cardinal Infrastructure Group agreed to acquire Hughes Brothers Construction for about $357.5 million, paid partly in cash and partly in shares, per TradingView.
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what happened
Cardinal Infrastructure Group has announced a merger agreement to acquire Hughes Brothers Construction and related entities for roughly $357.5 million. About 60% of the price, or $214.5 million, will be paid in cash, and the remaining 40%, worth $143.0 million, in stock valued at a $27.21 VWAP, which equals 5,255,420 shares.
An earnout of up to $162.5 million is linked to Adjusted Company EBITDA for the twelve months ending June 30, 2027. It may also be paid 60% in cash and 40% in stock, up to about 2,388,827 shares. On October 18, 2026, the parties signed Amendment No. 1 to adjust certain terms. The deal is targeted to close in Q4 2026, subject to HSR clearance and other customary conditions. According to TradingView, the stated reason is to expand civil construction operations in Central Florida.
why it matters
The deal is modest by market standards but relevant to the civil construction and infrastructure sector. A large share of stock consideration would dilute the buyer's shareholders, while the EBITDA-linked earnout makes the final cost depend on Hughes Brothers' performance in 2026 and 2027.
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- Cardinal Infrastructure Group to Acquire Hughes Brothers Construction in $357.5 Million Cash-and-Stock Deal — TradingView, 19 October 2026 at 13:03 UTC
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