Cardinal Infrastructure to Acquire Hughes Brothers Construction
CDNL is trading near its 52-week low of $19.41 (9.9% above the low).
Summary
Cardinal Infrastructure announced the acquisition of Hughes Brothers Construction, expanding its construction footprint. The deal is valued at $357.50 million. This follows the company's recent $115M Allied Paving acquisition and comes amid a securities fraud investigation and a 36% share decline earlier this month. The deal adds scale but terms will determine whether it is accretive or dilutive.
At the time of this announcement, CDNL was trading at $21.33 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $993.1M. The 52-week trading range was $19.41 to $96.40. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.