Cardinal Infrastructure reworks $357.5M Hughes Brothers deal toward more cash

Cardinal Infrastructure Group amended its agreement to buy Central Florida contractor Hughes Brothers Construction, keeping the $357.5 million price but shifting consideration to 60% cash and 40% stock. The earnout, up to $162.5 million, was also revised. Hughes Brothers posted $220 million in revenue and has about $350 million in backlog; closing is still expected in Q4 2026.

Why it matters: The deal gives Cardinal a scaled platform in fast-growing Central Florida as it builds a Southeast site-development business.