{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-424737","form_type":"8-K","ticker":"CDNL","cik":"0002079999","company_name":"Cardinal Infrastructure Group Inc.","filed_at":"2026-10-19T12:59:14+00:00","discovered_at":"2026-10-19T13:00:01.877000+00:00","generated_at":"2026-10-19T13:00:06.874581+00:00","sec_items":["1.01","3.02","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Cardinal Infrastructure to buy Hughes Brothers Construction for $357.5M in 60% cash, 40% stock","bullets":["Purchase price $357.5M: $214.5M cash plus 5,255,420 CDNL Class A shares at a $27.21 issue price (based on 33-day VWAP through Oct 14, 2026).","Hughes Brothers, a Wildwood, FL heavy civil and site contractor, posted TTM revenue of $220M at a 25% adjusted EBITDA margin as of June 30, 2026, with ~$350M backlog.","Earnout up to $162.5M based on 12 months ending June 30, 2027, payable 60% cash/40% stock; at maximum adds ~2,388,827 shares, total value ~$455M.","Closing expected Q4 2026, subject to HSR clearance; cash funded from cash on hand and existing credit facility; proforma net leverage 1.4x vs 2.5x target.","Co-founders Chad Hughes (President) and Justin Hughes (VP) will continue to lead the business; 500+ employees; sellers' shares subject to 180-day lock-up."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-424737","json":"https://secwatch.observer/filing/0001193125-26-424737.json","markdown":"https://secwatch.observer/filing/0001193125-26-424737.md","text":"https://secwatch.observer/filing/0001193125-26-424737.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/2079999/000119312526424737/0001193125-26-424737-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/2079999/000119312526424737/cdnl-20261013.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-10-19T13:00:06.874581+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}