Cardinal Infrastructure Group agrees to buy Hughes Brothers Construction for $357.5 million

Cardinal Infrastructure Group agreed to buy Hughes Brothers Construction for USD 357.5 million, expanding into Central Florida heavy civil and site development. Closing targeted for Q4 2026. * Consideration split between cash and Cardinal Class A common stock; cash portion expected to be funded with new debt and cash on hand. Sellers can earn up to USD 97.5 million more tied to 2026 adjusted EBITDA, lifting total potential value to about USD 455 million. Hughes Brothers generated over USD 220 million of trailing 12-month revenue as of June 30, 2026; backlog about USD 350 million. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Cardinal Infrastructure Group Inc. published the original content used to generate this news brief via (Ref. ID: CL70480) on October 13, 2026, and is solely responsible for the information contained therein. (C)