Quikcrete Acquires Summit Materials for $11.5BQuikcrete Acquires Summit Materials for $11.5B

Quikrete Holdings Inc. has signed an agreement to acquire Summit Materials Inc. for around $11.5 billion.

Denver, CO-based Summit Materials is a leading producer of aggregates and cement, with plants around the US and in British Columbia, CAN.

"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. "In reaching this decision, our Board carefully considered a range of alternatives and determined that this transaction is the best way to maximize value for our shareholders."

The acquisition will combine 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.

"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. In Quikrete, we have found a strong partner that shares our commitment to safety and innovation, and we are excited to join forces with their team."

Related:Heidelberg Materials to Acquire Giant Cement for $600M

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

The transaction is expected to close in the first half of 2025.