Summit Materials, Inc. Enters Into Agreement to be Acquired by Quikrete Holdings, Inc. for $52.50 Per Share in Cash

Denver, Co. – Summit Materials, Inc. (NYSE: SUM), a major producer of aggregates and cement, has recently signed an Agreement and Plan of Merger with Quikrete Holdings, Inc., a Delaware corporation where Summit Materials will merge with and into Quikrete Holdings, Inc., with Summit Materials surviving as a wholly owned subsidiary of Quikrete. The Merger involves each issued and outstanding share of Summit Materials being converted into the right to receive $52.50 per share in cash.

The financing for this merger will be funded through new debt financing by Quikrete Holdings, Inc., accompanied by cash on hand and amounts available under its existing credit facilities. The transaction is expected to close in the first half of 2025, subject to Summit shareholder approval, regulatory approvals, and other closing conditions.

Following the completion of the merger, Summit Materials will become a privately held subsidiary of Quikrete, marking the termination of Summit’s common stock trading on the NYSE. Cementos Argos, Summit’s largest shareholder, has committed to voting all of its shares in favor of this transaction.

Both boards of directors at Summit Materials and Quikrete unanimously approved the merger. The strategic implications of this deal will see a blending of Summit’s construction materials businesses with Quikrete’s cement-based products to form an integrated, North American construction materials solutions provider.

Summit expressed excitement about the agreement, emphasizing the significant value it brings to shareholders and the range of growth opportunities it unlocks. Moreover, Quikrete welcomed Summit into its family, marking a pivotal milestone in expanding its capabilities and market reach.

Advisors to Summit for this transaction include Morgan Stanley & Co. LLC and Evercore, acting as financial advisors, and Davis Polk & Wardwell LLP serving as legal advisor. Wells Fargo is exclusively advising Quikrete with Troutman Pepper Hamilton Sanders LLP and Covington & Burling LLP as legal counsel.

The press release announcing this merger issued jointly by Summit Materials and Quikrete can be accessed for further details on the agreement. This deal underscores a new chapter in the industry landscape as two prominent entities unify their strengths to forge a more robust market presence.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Summit Materials’s 8K filing here.

Summit Materials Company Profile

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.