Jeremy Spivey

Money Moves

Leading Cardinal's acquisition program

Cardinal Infrastructure Group agreed on October 13 to buy Hughes Brothers Construction of Wildwood, Florida, for $357.5 million. On October 19 the Raleigh contractor changed how it will pay: 60% cash and 40% stock, up from an even split. Sellers get about $214.5 million in cash and 5,255,420 shares priced at $27.21 each.

Updated Nov 1