FX.co ★ Summit Materials To Be Acquired By Quikrete For $11.5 Bln, Incl. Debt

Summit Materials, Inc., a construction materials firm based in Denver, Colorado, has announced an acquisition agreement with Quikrete Holdings, Inc., a privately owned building materials company located in Georgia with operations in Atlanta. This agreement, disclosed on Monday, values the deal at $52.50 per share in cash, reflecting a total enterprise value of approximately $11.5 billion, inclusive of debt. The boards of both companies have given unanimous approval for the transaction, which is anticipated to be finalized in the first half of 2025.

This acquisition price signifies a 36% premium over Summit's average share price from the past 90 days and a 29% premium above its most recent trading price.

Following the completion of the acquisition, Summit will operate as a subsidiary of Quikrete, and its common stock will cease trading on the New York Stock Exchange.

Will Magill, Chief Executive Officer of Quikrete, stated, "This acquisition is a pivotal step in broadening our capabilities and geographic reach. Summit is esteemed for its leadership and offers a highly complementary range of aggregate, cement, and ready-mix products."

On Friday, Summit's shares concluded regular trading at $51.66, marking a 0.98% decrease on the New York Stock Exchange. In pre-market trading, the share price further declined by 1.76%, reaching $50.75.