Quikrete Acquires Summit Materials for $11.5 Billion

Summit Materials, Inc. has announced a definitive agreement to be acquired by Quikrete Holdings, Inc. for $52.50 per share in cash, totaling approximately $11.5 billion, including debt. This acquisition represents a 36% premium over Summit's 90-day volume weighted average price and has been unanimously approved by both companies' boards. The merger aims to create a vertically integrated North American construction materials provider, combining Summit’s aggregates and cement operations with Quikrete’s cement-based products. The transaction is expected to close in the first half of 2025, pending shareholder and regulatory approvals. Summit's largest shareholder, Cementos Argos, has agreed to vote in favor of the deal, which is not contingent on financing. Both companies express optimism about the potential synergies and growth opportunities resulting from the merger.