CDNL Amends Payment Structure for $357.5 Million Acquisition of Hughes Brothers Construction

08:16 AM EDT, 10/19/2026 (MT Newswires) -- Cardinal Infrastructure (CDNL) has agreed to an amendment to change the balance between cash and stock in its previously announced acquisition of Hughes Brothers Construction, the company said. The updated deal maintains the $357.5 million purchase price but changes the consideration to 60% cash and 40% Cardinal shares, from 50% of each previously, the company said. Under the new deal, Hughes Brothers' owners will receive approximately $214.5 million in cash and 5.3 million shares based on an issue price of $27.21 per share, it said. The amendment also changes the earnout so that sellers will be eligible to receive up to $162.5 million, based on Hughes Brothers' adjusted EBITDA for the 12 months ending June 30, 2027, payable 60% in cash and 40% in shares, the company said. The deal is still expected to close in Q4.