Summit Materials, Inc. (SUM), Denver, Colorado-based construction materials company, said Monday that it agreed to be acquired by Quikrete Holdings, Inc., a privately-held building materials company based in Georgia, Atlanta.
The consideration of the deal is $52.50 per share in cash, with a total enterprise value of about $11.5 billion, including debt. The transaction, which has been unanimously approved by boards' of both companies, is expected to close in the first half of 2025
The deal price is about 36 percent higher than Summit's average share price over the past 90 days and about 29 percent higher than its recent share price.
Upon closing of the deal, Summit will be a subsidiary of Quikrete, and its common stock will no longer trade on the NYSE.
Quikrete Chief Executive Officer, Will Magill, said, "This acquisition represents a significant milestone in our journey to expand our capabilities and geographic presence. Summit is a recognized leader with a highly complementary portfolio of trusted aggregate, cement, and ready-mix solutions."
Friday, SUM had closed its regular trading 0.98% lesser at $51.66 on the New York Stock Exchange. In the pre-market trading, SUM is down 1.76% further to $50.75.
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