Cardinal Infrastructure raises cash portion of Hughes Brothers acquisition to 60%
Bitget2026/10/19 11:31- Cardinal Infrastructure Group amended its $357.5 million Hughes Brothers Construction acquisition to 60% cash and 40% stock, from 50% each.
- Sellers will receive approximately $214.5 million cash and 5,255,420 Class A common shares at an issue price of $27.21 per share.
- The revised earnout offers up to $162.5 million based on Hughes Brothers’ adjusted EBITDA for the 12 months ending June 30, 2027.
- Earnout payments will comprise 60% cash and 40% stock, including up to approximately 2,388,827 additional shares at $27.21 each.
- Closing remains expected in the fourth quarter of 2026, with cash consideration funded through cash on hand and existing credit facility borrowings.
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