Cardinal Infrastructure Group Agrees To Acquire Hughes Brothers Construction For $357.5M

Cardinal Infrastructure Group, Inc. has announced its agreement to acquire Hughes Brothers Construction for $357.5 million, with the transaction expected to close in Q4 2026, pending regulatory approvals. The acquisition is projected to be immediately accretive to Cardinal's 2026 adjusted EBITDA margin and is supported by Hughes Brothers' trailing 12-month revenue of over $220 million and a backlog of approximately $350 million. The deal will be financed through a mix of cash and Cardinal Class A common stock, with potential additional consideration of up to $97.5 million based on performance, bringing the total potential transaction value to around $455 million.