Quikrete Acquires Summit Materials for $11.5 Billion in Cash

Summit Materials, Inc. (SUM) entered a merger agreement on November 25, 2024, to be acquired by Quikrete Holdings, Inc. in an all-cash deal valued at $11.5 billion.

Deal Structure:

As per the agreement, Summit Materials will be acquired by Quikrete Holdings for $52.50 per share in cash, representing a premium of 1.63% from the stock’s last close.

Company Profile:

Summit Materials, based in Denver, Colorado, is a producer of construction materials, including aggregates, cement, ready-mix concrete, and asphalt, serving public infrastructure, residential, and non-residential markets across the U.S. and British Columbia.

Quikrete is a privately owned building materials company based in Atlanta, Georgia. Founded in 1940, it is the largest producer of packaged concrete and cement mixes in North America. Quikrete offers a wide range of construction solutions, including pre-blended concrete, grouts, asphalt, and specialty products for residential, commercial, and infrastructure markets. Its diverse brand portfolio includes Spec Mix, Pavestone, and Contech Engineered Solutions, among others, serving as a one-stop provider for construction and repair projects

Deal Details and Timeline:

Quikrete had approached Summit with a takeover offer in October. The Denver-based construction material maker was trading at $40.62 per share when Quikrete had discussed an offer in the “low 50s”.

Quikrete is paying 2.20 times sales for Summit and 13.35 times EBITDA, in a deal that is expected to close in the first half of 2025.

Once the deal is completed, Summit will operate as a privately held subsidiary of Quikrete, and its common stock will cease trading on the NYSE.

Deal Metrics:

For a deeper understanding of this merger and acquisition transaction, visit the Deal Metrics page here:

Deal Metrics for the acquisition of Summit Materials, Inc. (SUM) by Quikrete Holdings, Inc.

The Deal Metrics page for each merger or acquisition includes:

• A chart displaying the spread history of the merger from announcement to completion or failure.
• Every event as the merger progresses, including the expiration of the HSR period, regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article