Cardinal Closes $115M Allied Paving Acquisition with Cash and Stock
CDNL sits 35% above its 52-week low of $21.98.
Summary
Cardinal Infrastructure closed its $115 million acquisition of Allied Paving Contractors, paying $88.9 million in cash and issuing 1,006,796 shares. Allied adds approximately $100 million in standalone revenue and expands Cardinal's paving capabilities in the Atlanta market.
Key Events · M&A and Partnerships · CDNL
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Acquisition Closed
Cardinal completed its acquisition of Allied Paving Contractors on October 1, 2026, for approximately $115.0 million in total consideration.
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Consideration Structure
Payment consisted of approximately $88.9 million in cash and 1,006,796 shares of Class A Common Stock, subject to customary post-closing adjustments.
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Target Financials
Allied Paving generated approximately $100 million in standalone revenue; a portion of that volume will be performed on Cardinal projects and reflected in margin rather than consolidated revenue.
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Leadership Integration
John McLean, CEO of Allied, will join Cardinal's leadership team to manage paving operations across Georgia.
Analysis · CDNL · Real Estate & Construction
Cardinal Infrastructure completed its acquisition of Allied Paving Contractors for approximately $115 million, paying roughly $88.9 million in cash and issuing 1,006,796 shares of Class A Common Stock. Allied generated about $100 million in standalone revenue, and its CEO John McLean joins Cardinal's leadership team. The deal expands Cardinal's self-performing paving capabilities in the Atlanta market, allowing it to sequence paving work directly behind grading and site development teams. The stock component is modest relative to Cardinal's market capitalization, but the acquisition adds meaningful revenue and operational integration risk.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 30.2% of the 1605 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.53%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CDNL was trading at $29.74 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $21.98 to $96.40. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.