Summit Materials to be acquired for $11.5 billion

Summit Materials, a Denver-based producer of aggregates and cement, announced Monday it has entered into a definitive agreement to be acquired by Quikrete Holdings Inc. for $52.50 per share in cash, for a total enterprise value of approximately $11.5 billion, including debt.

The transaction combines Summit’s leading aggregates, cement and ready-mix concrete businesses with Quikrete’s leading concrete and cement-based products business to create a vertically integrated, North American, construction materials solutions provider with strong customer relationships and iconic products. Summit Materials is publicly traded (NYSE: SUM); Quikrete is a privately held family business based in Atlanta.

“We are pleased to have reached this agreement which will deliver significant, immediate and certain cash value to our shareholders,” said Howard Lance, chairman of Summit’s board of directors.

“This combination, and the value it creates, is a testament to our stellar strategic and financial performance, agile operational and commercial execution, and to the strength and talent of our entire team who have delivered a 34.6% annualized return since we began to develop our Elevate strategy on September 1, 2020,” said Anne Noonan, Summit Materials president and CEO. “We believe this transaction will create new and exciting opportunities for our employees and customers.”

The transaction is expected to close in the first half of 2025, subject to Summit shareholder approval, regulatory approvals and other customary closing conditions. Upon completion of the transaction, Summit will become a privately held subsidiary of Quikrete and its common stock will no longer be traded on the NYSE.

Summit’s largest shareholder, Cementos Argos, has entered into an agreement pursuant to which it has committed to vote all of its shares of Summit’s common stock in favor of the transaction.

Quikrete has obtained commitment letters for the financing necessary to complete the transaction, which is not subject to a financing condition.