Cardinal Infrastructure falls after deal to buy Hughes Brothers
13/10/2026 16:31
BUZZ-Cardinal Infrastructure falls after deal to buy Hughes Brothers ** Shares of construction services firm Cardinal Infrastructure CDNL.O fall more than 7% to $19.38
** Co agrees to buy heavy civil and site development contractor Hughes Brothers Construction
** Cardinal to pay $357.5 mln in cash and stock, plus up to $97.5 mln tied to Hughes Brothers' 2026 adjusted EBITDA, for a potential total of ~$455 mln
** Cash portion to be funded with new debt and cash on hand; stock issued to sellers subject to 180-day lock-up
** Deal expected to close in Q4 2026
** All 5 brokerages covering the stock are bullish; median PT - $53.50 - data compiled by LSEG
** Including session's moves, stock down ~20% YTD
(Reporting by Miraanta Lowrance in Bengaluru)
Recent news on Cardinal Infrastructure
See all newsBrief: Cardinal Infrastructure Group Enters Into Amended Agreement For Hughes Brothers Construction Deal
Cardinal Infrastructure falls after deal to buy Hughes Brothers
Brief: Cardinal Infrastructure Group Acquisition Valued At $357.50 Million
U.S. STOCKS ON THE MOVEx-Microsoft, 3M, Twilio
U.S. STOCKS ON THE MOVEx-Microsoft, Nike, Nektar Therapeutics