---
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"
generated_at: "2026-10-19T13:00:06.874581+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Cardinal Infrastructure to buy Hughes Brothers Construction for $357.5M in 60% cash, 40% stock

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-424737
- JSON: https://secwatch.observer/filing/0001193125-26-424737.json
- Plain text: https://secwatch.observer/filing/0001193125-26-424737.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.