Cardinal Infrastructure Group to Acquire Hughes Brothers Construction for $357.5 Million

07:36 AM EDT, 10/13/2026 (MT Newswires) -- Cardinal Infrastructure Group (CDNL) said Tuesday that it has signed a deal to acquire Hughes Brothers Construction, a Central Florida heavy civil and site development contractor, for $357.5 million. The deal is slated to be completed in Q4, subject to regulatory approvals and closing conditions, Cardinal said. The price is payable in cash and Cardinal Class A common stock, with the cash portion funded by new debt and cash on hand and the shares locked up for 180 days, the company said. The sellers can earn up to $97.5 million more in cash and stock, based on Hughes Brothers' adjusted Ebitda performance for the 12 months ending Dec. 31, bringing total potential value to $455 million, Cardinal said. The deal is expected to be immediately accretive to Cardinal's adjusted Ebitda margin within its guided range, and co-founders Chad Hughes and Justin Hughes will stay on to run the business, it said.